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ARTICLE · 30 APRIL 2024

How And Why Should Investment Firms Leverage Their MIFID Licence Under MiCAR?

MK Fintech Partners
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The Markets in Crypto Assets Regulation (MiCAR) is a recently enacted EU-wide legislation. Essentially, it regulates the issuance of crypto-assets and the provision of crypto-asset services.

European UnionTechnology
Jane Chinwe Nweike
Jane Chinwe Nweike
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Introduction

MICAR COMPLIANCE FOR MIFID FIRMS INTENDING TO PROVIDE CRYPTO ASSETS SERVICES

The Markets in Crypto Assets Regulation (MiCAR) is a recently enacted EU-wide legislation. Essentially, it regulates the issuance of crypto-assets and the provision of crypto-asset services.

Furthermore, Recital 54 of MiCAR provides that certain firms subject to EU legislation on financial services should be able to provide crypto-asset services without being required to obtain an authorisation. However, such firms will be required to notify their national competent authority before commencing crypto-asset services. These players include authorised 'Credit Institutions' under Directive 2013/36/EU and authorised Investment firms under MIFID II.

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