Nařízení MiCA

MiCA Regulation

In October 2022, the European Council confirmed its intention to adopt a proposal for a Regulation on Markets in Crypto-Assets ("MiCA Regulation", after its English name Markets in Crypto-Assets). Crypto assets are digital captures of value or rights that can be transferred and stored electronically using a shared register or similar technology.

The MiCA Regulation is now progressing to the next stage of the legislative process within the European Parliament. If approved by the European Parliament, the MiCA Regulation will enter into force on the 20th day after its publication in the Official Journal of the EU, and will become effective 18 months after its entry into force. According to available information, the MiCA Regulation is expected to come into force probably already during 2024.

The MiCA Regulation applies to persons engaged in or providing services in the European Union ("EU") in the business of issuing crypto assets. In contrast, Non-Fungible Tokens ("NFTs") are excluded from the scope of the MiCA Regulation. However, the European Commission is expected to address the legal regime for NFTs in the near future.

In particular, the MiCA Regulation aims to provide legal certainty for the further development of crypto assets markets, to promote the development of crypto assets and the wider use of shared registries, to establish an appropriate level of investor and consumer protection across the EU and to ensure financial stability, which could be threatened by certain crypto assets (such as stable coins).

The MiCA Regulation introduces an obligation for persons providing services related to crypto assets (for example, escrow and management of crypto assets for the benefit of a third party, exchange of crypto assets for cash or other crypto assets, or provision of advice on crypto assets) to obtain an EU-wide authorisation to be issued by the Czech National Bank in the Czech Republic.

The ESMA will at the same time establish a publicly accessible and regularly updated register of all crypto asset service providers. Significant innovations also include the obligation for crypto asset issuers to hold capital and reserve assets at the required level when meeting the conditions or to announce and publish a white paper on crypto assets, which should contain in particular information on the issuer, the crypto assets traded, the rights and obligations related to the crypto assets traded and the risks involved.

The MiCA Regulation also regulates, for example, promotional communications by influencers regarding the public offering of crypto assets. In particular, such communications must be truthful, clearly identifiable as promotional and consistent with the information set out in the crypto assets White Paper. Regulation MiCA also seeks to prevent market abuse involving crypto assets, in particular by prohibiting insider trading or market manipulation.

We are keeping a close eye on further developments in the crypto currency area for you. If you would like more detailed information, please contact the authors of this article or other members of EY Law or the EY team with whom you work.

Authors:

Ondřej Havránek

Kryštof Chmelan