MiCAR

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?

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?

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.

MiCAR was published in the Official Journal of the EU last week. Until the rules on the regulation of crypto custodians apply, the German legislator will have to think about adapting or abolishing their national KWG regulation of crypto custodians.

Under MiCAR, crypto exchange providers will be subject to a licensing requirement and special compliance obligations. What exactly will crypto service providers have to consider when exchanging crypto assets for other crypto assets or for fiat money?

Stablecoins can be issued as e-money tokens under MiCAR. The relevant rules of the new regulation on this will already apply in about a year.

Under MiCAR, advice on crypto assets will also be subject to licensing. Crypto investment advisors will have to fulfill numerous regulatory obligations as part of their advisory services.