Bird & Bird published a guide to the European Regulation on Markets in Crypto-assets (MiCAR). This guide will cover the newest topics in relation to the MiCAR and crypto assets. It shall be updated from time to time. The European Union is working on a Regulation on Markets in Crypto-assets (MiCAR).
The regulation of crypto assets and related services is still not treated uniformly in the European Union and resembles more a patchwork of regulatory fragmentation.
Although the fifth Anti-Money Laundering Directive (AMLD5) also covers certain crypto assets under the term “virtual currencies”, it does not provide a harmonised approach. As a result of the implementation of the AMLD5, each Member State has created its own regulatory regime for transactions related to “virtual currencies” or crypto assets. This problem is addressed by the European Commission’s proposal for the Regulation Markets in Crypto-assets (abbreviated as MiCAR). It is currently expected that MiCAR will come into force in 2022 and will be directly applicable in all Member States after an 18-month transition period. This means that a harmonised set of rules for products and services related to crypto assets can be expected throughout the European Union in 2024.
Download the Guide here.