MiCAR

Stablecoins are the talk of the town. They are undoubtedly crypto assets and regulated under MiCAR. But can they also be considered monetary amounts under the ZAG in individual cases? If so, could the exception for limited networks apply to services relating to them in this case?

Crypto custodians must comply with comprehensive compliance obligations under MiCAR regulations. This includes entering into crypto custody agreements with custody clients that contain the minimum content specified in MiCAR. But what exactly must such custody agreements cover?

In the context of public offerings of token sales designed in accordance with MiCAR, all purchasers should have the same rights. In the case of private investors, however, consumer protection may vary in individual cases due to the Rome-I-Regulation. Is the corrective measure of the Rome-I-Regulation for public offerings of financial instruments also applicable to token sales?

NFTs fall outside the scope of MiCAR, thus offering plenty of scope for innovative business models. But what specific use cases does the technology offer besides tokenized image usage rights, and when is an NFT actually unregulated?

MiCAR is not supposed to apply to tokens that can be classified as financial instruments within the meaning of MiFID regulation. But to which crypto assets does this exemption apply exactly? ESMA has commented on this. The principle of “in dubio pro MiFID2” applies.

Grandfathering is not entirely uniform in MiCAR, but leaves member states leeway in determining the maximum duration of transition periods. EU member states have made extensive use of this, which can cause problems for CASPs operating across the EU.

The issuance of stablecoins is strictly regulated under MiCAR by the provisions on Asset-Referenced Tokens. However, there are exemptions, in particular for issuances not exceeding the equivalent of EUR 5 million. How far-reaching are the exemptions for such issuances?

Attorney Lutz Auffenberg, LL.M. (London) at the book launch party for the commentary work “Crypto Assets”.

Token sales are usually massively digitally advertised and often in creative ways. However, marketing communications for public offerings of crypto assets are now very strictly regulated under MiCAR. What do providers need to consider in this regard?

How are wrapped tokens and token bridges regulated under MiCAR? What obligations apply to providers and issuers and are there possibilities to realize a token bridge outside the scope of MiCAR?

How are wrapped tokens and token bridges regulated under MiCAR? What obligations apply to providers and issuers and are there possibilities to realize a token bridge outside the scope of MiCAR?

Attorney Anja von Rosenstiel, LL.M. (Boston University), M.A. (Viadrina) and of counsel at FIN LAW, has provided a comparative legal analysis of the MiCAR with US regulations in the handbook MiCAR, edited by Johannes Meier, which is expected to be published in February 2025.