MiCAR

Many online game providers are currently considering the possibility of tokenizing in-game currencies. Is this feasible? What regulatory hurdles might arise in this regard?

MiCAR provides a right of revocation for retail investors when purchasing certain crypto assets. However, it does not apply in all cases and is not fully comparable to the right of revocation known from consumer protection law. An overview.

NFTs are excluded from the scope of MiCAR, which is why NFT-based business models are generally not covered by the regulation. However, there remain borderline cases in which crypto service providers are nevertheless subject to regulatory obligations.

MiCAR whitepapers must be published on the issuer’s website. If new price-relevant facts arise after the publication of the MiCAR whitepaper, the whitepaper must be updated.

Crypto portfolio management is a regulated activity under MiCAR. Can the management activity also be carried out via DeFi smart contracts under the new regulation?

Within the scope of MiCAR, the content of marketing communications must be consistent with the information in a whitepaper. Marketing communications must be published in accordance with MiCAR requirements and provided to regulators upon request.

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?

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?