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.

However, as pointed out in the same report, Turkey is at the bottom of the list in terms of costs for starting businesses (issuing licenses and permits after starting the business), regulations for firms exiting the industry, licensing procedures, ease of recruiting and employing workers. 2  BIS Review 37/2008  We can list transport vehicles, white goods and consumer-oriented electronic products such as radio and television as the sectors where Turkey’s competitive power is relatively high at present. The increased market share of China and India in these sectors poses a potential risk for the Turkish economy. In response to these risks, some structural reforms oriented towards domestic markets have been made, particularly during the process of Turkey’s accession to the EU. These regulations aim to ensure the integration of the Turkish economy with the EU on a sectoral basis and to strengthen the competitive power of our firms. It is not merely the relatively low labor costs that allow our firms to assume a position as important actors in international markets. Providing a stable macroeconomic structure for our economy is a must, but it is not enough. The qualified manpower of our country should be increased, our firms should be institutionally open to new developments and our industry should also adopt a structure that is not only demanding but also producing technology. To this end, it is of great importance to implement well-designed microeconomic reforms decisively. Competition policy is certainly one of the cornerstones of these reforms.