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ARTICLE · 05 MARCH 2021

Much Ado About Crypto – The Draft EU Crypto-Assets Regulation

Arthur Cox
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MiCA (the European Commission's proposed regulation on markets in crypto-assets) aims to bring crypto-assets (in particular cryptocurrencies) into the regulatory sphere on a harmonised...

European UnionTechnology
Arthur Cox
Arthur Cox
Robert Cain
Robert Cain
Christopher O'Reilly
Christopher O'Reilly
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MiCA (the European Commission's proposed regulation on markets in crypto-assets) aims to bring crypto-assets (in particular cryptocurrencies) into the regulatory sphere on a harmonised basis across the EU. This briefing looks at the proposed regulatory framework in the context of the Commission's Digital Finance Package, and its likely impact in Ireland.

European Digital Finance Agenda

MiCA is part of the Digital Finance Package adopted by the European Commission (the "Commission") on 24 September 2020. It results from the increased profile of cryptocurrencies such as Bitcoin since 2017, and covers crypto-assets that do not qualify as financial instruments, deposits, structured deposits or securitisations under EU financial services legislation, and e-money tokens. MiCA will introduce an authorisation regime for issuers of asset-referenced tokens, and for crypto-asset service providers, and also contains a number of conduct of business requirements.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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