Crypto-Assets Regulation: Where Do We Stand With MiCAR?

The Markets in Crypto-Assets Regulation (EU 2023/1114, MiCAR), which entered into force in June 2023, aims to create a broad EU regulatory framework applicable to crypto-assets, and any persons engaged in the issuance, public offering and admission to trading of crypto-assets as well as the provision of related services. MiCAR includes a number of Level 2 and 3 measures that must be developed prior to the new regime becoming applicable in the course of 2024. The first publication package with draft Technical Standards (both Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) was already delivered by European Banking Authority (EBA) and European Securities and Markets Authority (ESMA) in July 2023. The second consultation package was delivered on 5 October 2023.