On September 24, 2020 the European Commission published its long-anticipated Digital Finance package, comprising legislative proposals and non-legislative communications. One of the legislative proposals published included a draft regulation on markets in crypto-assets (MiCA). MiCA is the first European-level legislative initiative aiming to introduce a harmonized and comprehensive framework for the issuance, application and provision of services in crypto-assets. The draft legislation provides a set of prescriptive rules that, once formally adopted, will shape conduct of business in European markets in crypto-assets.
In a new briefing series we aim to provide a comprehensive overview of the proposed rules as intended to apply to various categories of participants in the crypto-asset markets. The first article focuses on the provision of services in crypto-assets and can be read here.