MiCAR

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.

Attorney Lutz Auffenberg Comments on Art. 36 to 47 MiCAR in Kalss/Krönke/Völkel

Our partner, Attorney Lutz Auffenberg, LL.M. (London) was a guest on André and Jasmin’s Web3 NextLevel podcast and talked about crypto regulation in Europe.

The German government has broken up. But what does this mean for the long-delayed adoption of the accompanying legislation for the MiCAR transition and which legal framework will the German crypto industry operate within as of 30 December 2024?

Crypto service providers from non-European countries such as the USA, Switzerland and the UK are also interested in doing business on the old continent under MiCAR. However, ESMA is making it more difficult for such companies to enter the market with its recommendations to the relevant national supervisory authorities.

In a few months, all MiCAR provisions will be legally effective. This also includes the new rules on the prevention and prohibition of market abuse and insider trading. But which market participants must comply with the new strict obligations?

ESMA has been tasked with providing guidelines by the end of the year to facilitate the legal assessment of the legal nature of tokens as crypto assets under MiCAR and as financial instruments under MiFID2. ESMA has already published an initial draft of the guidelines.

Under MiCAR, it will be practically impossible for crypto service providers from the USA, Switzerland or other third countries to serve European customers without a MiCAR license on the grounds of passive freedom to provide services. What exceptions will remain?