On the 20th of April 2023, the European Union
Parliament approved the final text of MiCA, the latter of which
aims to harmonise and provide for a consolidated regulatory
framework for the regulation of crypto-assets.
MiCA introduces numerous obligations for (a) issuers of crypto
assets and (b) platform operators and other service providers with
an aim of enhancing transparency and customer protection. Consumer
Protection has been echoed to certainly be a top priority with MiCA
and the introduction of rules pertaining to, for example,
advertising and disclosure requirements reinforce the protection of
consumers. Clients will also be subject to suitability assessments
prior to being permitted to invest in crypto-assets and there will
be more awareness going forward to ensure that those who invest in
crypto understand what they are doing with their money, and are not
mislead.
