MiCA

MiCA regulates transparency and disclosure requirements for the issuance and trading of crypto-assets, the authorisation requirement for and supervision of crypto asset service providers (CASP) and issuers of crypto-assets, and the proper business organisation of crypto asset issuers and crypto asset service providers. The regulation also addresses investor and consumer protection for the issuance, trading and custody of crypto-assets and provides for the prevention of market abuse on crypto currency exchanges.

Under MiCA, three types of crypto-assets can be distinguished:

  1. asset-referenced token (ARTs): a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;
  2. electronic money token (EMTs) (or e-money token): a type of crypto-asset that purports to maintain a stable value by referencing to the value of one official currency; and
  3. utility token: a type of crypto-asset which is only intended to provide access to a good or a service supplied by its issuer.

MiCA will not apply to:

  1. Financial instruments and structured deposits within the scope of MiFID II (Directive 2014/65/EU);
  2. Funds, as defined in PSDII (Directive 2015/2366/EU), other than EMTs;
  3. Deposits within the scope of the EU Directive on Deposit Guarantee Schemes (Directive 2014/49/EU), including structured deposits;
  4. Securitisations within the scope of the Securitisation Regulation (Regulation (EU) 2017/2402).

MiCA does not apply to crypto -assets that are unique and not fungible with other crypto-assets.


Services that are regulated under MiCA

  1. operation of a trading platform for crypto-assets, exchanging crypto-assets for funds or other crypto-assets
  2. providing custody and administration of crypto-assets on behalf of clients,
  3. providing transfer services for crypto-assets on behalf of clients
  4. placing of crypto-assets
  5. the reception or transmission of orders for crypto-assets on behalf of clients
  6. the execution of orders for crypto-assets on behalf of clients
  7. providing advice on crypto-assets
  8. providing portfolio management of crypto-assets.

ComplyWise MiCA experts

Anne-Jana

Compliance expert and financial law lawyer with more than 10 years  experience

Gerda

Compliance expert with more than 8 years experience

Vladimir

Blockchain and crypto compliance expert with more than 8 years experience

Contact us

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