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MiCAR - Κανονισμός για τις αγορές κρυπτοστοιχείων

Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (‘MiCAR’) 


MiCAR introduces a dedicated and a harmonised framework to provide specific rules for activities and services related to crypto-assets. In particular, MiCAR lays down uniform requirements for the offer to the public and admission to trading on a trading platform and for the provision of services relating to e-money tokens, asset-referenced tokens, and crypto-assets other than asset-referenced tokens and e-money tokens.

Crypto-asset is a ‘digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology’
Electronic Money Token (EMT) is a ‘crypto-asset that purports to maintain a stable value by referencing the value of one official currency’.
Asset Referenced Token (ART) is a ‘crypto-asset that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies’.
Crypto assets other than ARTs and EMTs are crypto assets not falling under the definition of ARTs and EMTs. 

MiCAR amends Directive 2013/36/EU (known as ‘CRD IV’), in order to include the following to the list of activities that may be provided by credit institutions:  

  • Issue of electronic money including electronic-money tokens;
  • Issue of asset-referenced tokens;
  • Crypto-asset services.

With respect to credit institutions (‘CIs’) and electronic money institutions (‘EMIs’), MiCA establishes rules that cover:

  • transparency and disclosure requirements for the issuance of ARTs and EMTs;
  • the notification process that CIs and EMIs have to follow if they intend to provide crypto-asset services;
  • the supervision, organisation and governance of CIs and EMIs that provide crypto-asset services upon notification to the NCA;
  • the operation, organisation and governance of CIs and EMIs when issuing ARTs and EMTs and/or when providing crypto-asset services;
  • the protection for holders of crypto-assets and clients of CIs and EMIs that provide crypto-asset services.

 

TECHNICAL STANDARDS

ESMA Final Report: Draft Technical Standards specifying certain requirements of the Markets in Crypto Assets Regulation – first package – of 25 March 2024 in relation to: 

  1. The information required to be submitted by CIs and EMIs when they notify their intent to provide crypto-asset services; and
  2. How CIs and EMIs that provide crypto-asset services should address complaints.

ESMA Final Report on draft RTS under the Markets in Crypto-Assets Regulation – second package – of 4 July 2024 in relation to:

  1. Sustainability indicators for crypto-asset consensus mechanisms; 
  2. Business continuity measures for CIs and EMIs that provide crypto-asset services; 
  3. Trade transparency for CIs that operate a trading platform for crypto-assets;
  4. Content and format of order-books and record-keeping by CIs and EMIs that provide crypto-asset services; and
  5. Machine readability of white papers and the register of white papers of crypto-asset token issued by CIs or EMIs. 

EBA Final Report on draft RTS on the procedure for the approval of white papers of ARTs issued by credit institutions

EBA Final Report on draft technical standards on complaints handling for issuers of asset referenced tokens

 

GUIDELINES

European Supervisory Authorities' (ESAs) Guidelines on templates for explanations and opinions, and the standardised test for the classification of crypto-assets under MiCAR

EBA Guidelines on the minimum content of the governance arrangements for issuers of asset-referenced tokens

EBA Guidelines on recovery plans under Articles 46 and 55 of Regulation (EU) 2023/1114

EBA Guidelines on templates to assist competent authorities in performing their supervisory duties regarding issuers’ compliance under Titles III and IV of Regulation (EU) 2023/1114

ESMA Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments

ESMA Guidelines on the procedures and policies, including the rights of clients, in the context of transfer services for crypto-assets under the Markets in Crypto Assets Regulation (MiCA) on investor protection 

 

EBA STATEMENTS

EBA statement for the attention of persons issuing to the public, offering to the public, or seeking admission to trading of ARTs and EMTs and for consumers 

 

EBA REPORTS AND OPINIONS

EBA Report on priorities for the supervision of ART and EMT issuers

Opinion of the European Banking Authority on the interplay between Directive EU 2015/2366 (PSD2) and Regulation (EU) 2023/1114 (MiCA) in relation to crypto-asset service providers that transact electronic money tokens

Opinion of the European Banking Authority on the supervisory priorities at the end of the transition period under the EBA’s No Action letter on the interplay between PSD2 and MiCA

 

EUROPEAN SUPERVISORY AUTHORITIES: Warnings & opinions