New EU regulations for crypto-asset markets: what impact?

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

• Regulation on Markets in Crypto Assets (MiCA) Summary of what the rules contained in MiCA cover, following the publication of the new EU regulation in June 2023.