MiCAR

MiCAR will set different requirements for crypto asset service providers when applying for a license. Companies that are already supervised will benefit from simplified procedures.

The regulations on Asset-Referenced Tokens of MiCAR will be applicable in less than six months’ time. By then at the latest, there must be clarity as to which tokens should fall under the regulations. It is still unclear when exactly a token is aimed at value stability.

The legislator intends to introduce cryptographic instruments and qualified crypto custody at a national level. What is the meaning of these terms and what are the legislator’s objectives with these proposals?

The Federal Ministry of Finance has drafted a legislation to regulate the transition of crypto asset service providers from national KWG regulation to the MiCAR regime. What should regulated German crypto asset service providers be prepared for?

According to the draft legislation on the Financial Market Digitization Act, the Crypto Markets Supervision Act is to be an independent accompanying law to MiCAR. What regulations does it contain in relation to MiCAR whitepapers?

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?