MiCAR's Next Step: Key Transparency Requirements For Crypto-Asset Service Providers (CASPs)

The European Commission has adopted a Delegated Regulation that complements the Markets in Crypto-assets Regulation (MiCAR). This Regulation establishes regulatory technical standards that specify how CASPs should present transparency data. The regulation covers pre-trade data (including bid and ask prices and depth of trading interest) and post-trade data (including price, volume and time of executed transactions).

The regulation will be subject to review by the Council of the European Union and the European Parliament. If no objections are raised, it will be published in the Official Journal of the European Union and take effect 20 days thereafter.

Key Provisions:

• The regulation outlines specific requirements for Centralized Exchanges (CEXs) and Decentralized Exchanges (DEXs), considering their different operating models.