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ARTICLE · 30 AUGUST 2024

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Navigating MiCAR: A Standardized Test

Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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Elias Neocleous & Co LLC

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The aim of the consultation paper is to standardize the classification of crypto-assets through templates and importantly a standardized test in order to harmonize regulatory approaches across the EU.

CyprusFinance and Banking
Michael Pelosi
Michael Pelosi
Fabian Cabeza
Fabian Cabeza
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The European Supervisory Authorities (ESAs), comprising of the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA), recently released a consultation paper regarding guidelines under Regulation (EU) 2023/114 on Markets in Crypto-Assets (MiCAR). The aim of the consultation paper is to standardize the classification of crypto-assets through templates and importantly a standardized test in order to harmonize regulatory approaches across the EU.

MiCAR regulates the offering to the public and admission to trading of asset-referenced tokens (ARTs), e-money tokens (EMTs) and other types of crypto-assets to include the provision of crypto-asset services in the EU. Inter alia, MiCAR establishes different regimes with separate regulatory requirements as well as authorizations, prudential requirements and conduct of business for issuers and crypto-asset service providers

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