The EU MiCA Directive – chances and risks from a compliance perspective

Author:

Teichmann Fabian Maximilian Johannes,Boticiu Sonia Ruxandra,Sergi Bruno S.

Abstract

Purpose This study aims to review the current EU approach to regulating crypto assets. It highlights the key points, opportunities and risks of the MiCA regulation, which is designed to provide a comprehensive regulatory framework for digital assets in the EU. Design/methodology/approach To do so, the authors extensively reviewed the literature and reports from several advisory and watchdog bodies and international organizations. Findings Although MiCA is an ambitious piece of legislation, there are still many unresolved issues and questions that the new regulation raises. Controversially several items have also been excluded from the MiCA regulations, including decentralized finance, non-fungible tokens unless they qualify under the existing cryptocurrency categories, as well as central bank digital currencies. Originality/value This study also addresses the Liechtenstein Token Act Regulation, which is considered to have served as a model for the EU MiCA Directive and the regulation of cryptocurrencies at the European level.

Publisher

Emerald

Subject

Law,General Economics, Econometrics and Finance,Public Administration

Reference20 articles.

1. First draft of crypto-asset regulation (MICA) with the European Union and potential implementation;Financial Law Review,2021

2. Boucheta, H. and Joseph, A. (2022), “MiCA – Markets in Crypto-Assets Regulation memo”, available at: https://securities.cib.bnpparibas/markets-in-crypto-assets-regulation/ (accessed 5 December 2022).

3. De Salis, H. and Jansen, D. (2022), “How the MiCA regulation will impact the crypto-asset market in Europe and beyond”, available at: www.willkie.com/-/media/files/publications/2022/howthemicaregulationwilimpactthecryptoassetmarketi.pdf (accessed 7 December 2022).

4. Düunser, T. (2021), “MiCA and the Liechtenstein token act (TVTG)”, available at: https://medium.com/@tduenser/mica-and-the-liechtenstein-token-act-tvtg-69526d66b39d (accessed 8 December 2022).

5. European Council (2022), “Digital finance: agreement reached on European crypto-assets regulation (MiCA)”, available at: www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-European-crypto-assets-regulation-mica/ (accessed 7 December 2022).

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