47 The source of these benefits may well lie, at least in part, in behavioural differences between groups. The most extensively studied of these differences is between the sexes. For example, men have been found to exhibit greater levels of risk-taking than women. 48 The reasons for this appear to be partly physiological, given the larger amounts of testosterone generated by the male body. 49 This risk-taking bias, taken together with the strong male bias within the financial services sector, has led some to posit a causal link between the lack of gender diversity and the global financial crisis. 50 There is also evidence of systematic differences in approaches to decision-making between the sexes. Men tend to attach to a single principle, or heuristic, when making decisions and then stick with it. Women, by contrast, show a greater willingness to switch between decisionmaking principles and heuristics, depending on the context. 51 Or, to caricature things a little, women multi-task while men have one-track minds. Recent neurological research has explored whether there is a link between these behavioural traits and the wiring of the brain using imaging techniques. It is early days. But one recent study found gender differences in the wiring between the left and right cerebral hemispheres, with women exhibiting greater connectivity between hemispheres and men showing greater connectivity within each hemisphere. 52 This wiring difference might explain women’s superiority at multi-tasking and men’s greater spatial awareness. Yet it is important to place these behavioural and cognitive differences in context.

Yet, MiCA stands out from other legislative initiatives in how it tackles stablecoins, of which it distinguishes two types: electronic money (e-money) tokens and asset-referenced tokens. E-money tokens purport to maintain a stable value by referencing to the value of one official currency. As such, they are considered electronic money. Their issuers are limited to credit institutions and electronic money institutions, which must comply with MiCA and the existing provisions in this field. Asset-referenced tokens, on the other hand, are a different kind of animal. These cryptoassets are not e-money tokens and purport to maintain a stable value by referencing to any other value or right, or a combination of both, including one or more official currencies. The composition and administration of the underlying reserve assets thus become key elements and, consequently, MiCA extensively addresses the conditions which should guide their management. As such, the reserve assets may only be invested in highly liquid financial instruments with minimal concentration, credit and market risk. Moreover, MiCA requires that the reserve be managed in such a manner that the liquidity risks associated with the permanent redemption rights of the holders are addressed, and that the risks associated with the assets referenced by the asset-referenced tokens are covered. Finally, in order to protect the interests of token-holders, the reserve will have to be operationally segregated from the issuer's estate. Despite the significant progress achieved, MiCA is unfortunately facing what I hope proves to be one last delay in its adoption process.