The new EU regulation on the markets in crypto-assets (MiCA), published very recently in June, involves major changes for the financial sector. To help ABBL members assess the impact on their activities, here is a summary of what the rules contained in MiCA cover, supported by a dedicated presentation.
MiCA establishes uniform rules for issuers of crypto-assets that have so far not been regulated by other European Union financial services acts and for providers of services in relation to such crypto-assets (crypto-asset service providers).
It distinguishes the following types of crypto-assets:
- e-money tokens (crypto-assets that stabilise their value in relation to a single official currency);
- asset-referenced tokens (crypto-assets that stabilise their value in relation to other assets or a basket of assets);
- crypto-assets other than asset-referenced tokens or e-money tokens.
The rules contained in MiCA cover notably:
- transparency and disclosure requirements for the issuing, offering to the public and admitting of crypto-assets to a trading platform;
- the authorisation and supervision of crypto-asset service providers and issuers of asset-referenced and electronic money tokens;
- the operation, organisation and governance of the issuers and crypto-asset service providers;
- protection for holders of crypto-assets and clients of service providers;
- measures to prevent insider dealing, unlawful disclosure of inside information and market manipulation.
MiCA also applies to the issuing, offering to the public and admission to trading of crypto-assets, and provision of services in relation to crypto-assets.
The new regulations open up uncharted territory and impact the financial sector on a number of levels. This is why the ABBL has prepared a presentation on MiCA for its members.
See the presentation below
Contact Jonathan Hug, Senior Legal Adviser at the ABBl