Markets In Crypto-Assets Regulation In The Home Stretch

Busy week in Brussels before the Summer holidays. Afterreaching an agreement on the so-called Crypto Travel Rule, an agreement was now also reached on the Markets in Crypto-Assets Regulation or MiCAR. In this blogpost, we will have a look at the legislative procedure so far and what has changed from the European Commission's initial proposal.

Regulatory opinions

The European Central Bank (ECB) provided itsopinionin February 2021. Generally, the ECB would like to see a clearer demarcation between crypto-assets falling under MiCAR and crypto that could fall under MiFID2. Further, the ECB's comments focus primarily on stability, and the ability of regulators to intervene when a certain crypto-asset would threaten that stability.