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MiCAR will provide for a separate acquisition approval process for the acquisition of crypto asset service providers. What regulatory hurdles will interested acquirers then have to overcome?

Within the scope of MiCAR, a white paper must be prepared for a public offering of e-money tokens or their admission to trading. What are the specific content requirements of MiCAR?

Crypto advisory is a crypto asset service subject to authorization under MiCAR. However, it does not exclusively refer to crypto assets, but also to the recommendation of the use of other crypto asset services.

In the scope of MiCAR, a whitepaper must be prepared for a public offering of asset-referenced tokens or their admission to trading. MiCAR already includes detailed information about its content. Even more specific information on the concrete structure will follow with the publication of ESMA’s regulatory technical standards.

MiCAR also provides rules on market abuse prevention in the crypto market. In this respect, the question arises whether MEV activities, transaction ordering and the use of flashbots in this context could be illegal under MiCAR.

In the scope of MiCAR, a whitepaper must be prepared for a public offering of crypto assets or their admission to trading. MiCAR already includes detailed information on its content. Even more specific information on the specific structure is expected to be provided with the publication of ESMA’s implementing technical standards.

Investment broking with crypto assets will be subject to licensing under MiCAR starting December 30, 2024. Will the liability umbrella model also exist under MiCAR and what are the requirements of an own MiCAR license?

ESMA specifies which ESG information should be included in a securities prospectus. BaFin will take this into account when deciding on the approval of securities prospectuses.

The placement of crypto assets for crypto asset service providers will be a regulated business activity under MiCAR. But what is the specific activity behind this crypto service?

Companies that currently act as tied agents to accompany the issuance of security tokens or crypto securities up to EUR 5 million via their own publicly accessible internet platform require a permit to do so under the ECSP Regulation.

In the future, anyone wishing to execute orders for crypto assets for clients in the EU will require a MiCAR license to do so. However, MiCAR provides for further regulatory obligations for crypto service providers in addition to the licensing requirement.

Artificial intelligence can also be used in the risk management of financial institutions. However, the ultimate responsibility for the use and its results always remains with the management.