Markets in Crypto-Assets Regulation
The Markets in Crypto-Assets Regulation (MiCAR) is a key component of the European Union's Digital Finance Package, introduced in September 2020, with the goal of fostering technological innovation and creating a unified regulatory framework for the EU's cryptocurrency sector.
Following about two years of consultations, MiCAR was agreed upon by EU institutions and officially adopted by the European Council on May 16, 2023. As a regulation, MiCAR automatically applies to the national laws of EU member states without requiring separate legislative implementation. MiCAR comprehensively addresses aspects of the cryptocurrency market, encompassing investor protection, transparency, anti-money laundering measures, and safeguards against market abuse, aligning with established regulations in the traditional European financial market.
To accomplish its objectives, MiCAR is applicable to both individuals and entities engaged in issuing, offering, or providing services related to crypto assets in the EU, covering activities in both the primary and secondary markets, known as "Crypto Asset Services."
It's crucial to highlight that MiCAR extends its scope to entities already authorized under national law, categorizing them as Crypto Asset Service Providers (CASPs). The term CASP is also adopted in the revised EU Money Transfer Regulation EU 2015/847, aligning nomenclature with MiCAR and departing from the Financial Action Task Force's previous term, "Virtual Asset Service Providers (VASPs)."
As a result, MiCAR significantly impacts various participants, including issuers, traders, brokers, custodians, and financial institutions offering services related to crypto assets.
MiCAR became effective on June 29, 2023, following its publication in the Official Journal of the European Union, taking effect 20 days thereafter.
As a regulation, MiCAR automatically applies in all EU member states without the need for national implementation, ensuring a consistent regulatory framework across the EU in the crypto ecosystem.
Titles III and IV on Asset-Referenced Tokens (ARTs) and Electronic Money Tokens (EMTs) have applied since 30 June 2024, with the remainder of MiCAR applying from 30 December 2024. Attention has since shifted to how the framework is supervised in practice, in particular the designation of significant tokens and enforcement of the CASP perimeter.
The requirements for crypto-assets under MiCAR are divided into three main categories:
MiCAR mandates collaboration between ESMA and the EBA to develop Regulatory Technical Standards (RTS), Implementing Technical Standards (ITS), and Guidelines. Two consultation packages from ESMA were released in July 2023 and October 2023 and several documents also from EBA. The main RTS, ITS and guidelines packages have since been delivered. Authorisation, white-paper and ART/EMT reporting obligations now rest on those adopted standards and the related validation artefacts, rather than on the 2023 consultation materials.
A key provision in MiCAR necessitates the creation, notification, and publication of a crypto-asset white paper for specific types of crypto-assets like asset-referenced tokens and e-money tokens. This document includes mandatory disclosures, offering general information about the issuer, offeror, or entity seeking admission to trading.
The white paper covers details about the project funded, the public offering or admission to trading of crypto-assets, the associated rights and obligations, the underlying technology, and related risks. It is generally mandatory to prepare, notify, and publish a crypto-asset white paper before publicly offering or seeking admission to trading for such assets.
ESMA already provided materials on the White Papers PoC and the EBA drafted a first template sets for transmission in XHTML/iXBRL format (like ESEF or CSRD/ESRS).
With the Level 1 framework live, the practical questions are designation and perimeter enforcement.
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