Proposal for a Regulation on Markets in Crypto-assets

Author (Corporate)
Series Details COM (2020) 593
Publication Date 24/09/2020
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Legislative initiative tabled by the European Commission on 24 September 2020, proposing a framework aimed at regulating markets in crypto-assets (MiCA). It aims to amend Directive (EU) 2019/1937.

Further information:

Crypto-assets are a digital representation of values or rights that can be stored and traded electronically. They can serve as an access key to a service, could facilitate payments, or could be designed as financial instruments.

The initiative cover crypto-assets falling outside existing EU financial services legislation, as well as e-money tokens. It comprises a set of objectives - legal certainty; support to innovation; introduction of appropriate levels of consumer and investor protection and market integrity; financial stability. This proposal includes safeguards to address potential risks to financial stability and orderly monetary policy that could arise from stablecoins. It also aims to amend Directive (EU) 2019/1937, concerning rules and procedures for the protection of whistleblowers.

Since the publication of the 2018 Fintech Action Plan, the Commission examined the opportunities and challenges raised by crypto-assets. The draft law was eventually tabled by the European Commission on 24 September 2020, as part of the so-called Digital Finance Package. The Council of the European Union adopted its general approach on 24 November 2021.

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Commentary and Analysis
Linklaters: FintechLinks Blog, 02/10/2020: The EU’s proposal to regulate the crypto industry: what, how and when?
White&Case: Alerts, 14/10/2020: EU Regulation on Markets in Crypto-assets and DLT Pilot Regime
Norton Rose Fullbright: Publications, November 2020: MiCA: Regulating provision of services in crypto-assets
Allen & Overy: Webinar, 25/11/2020: New EU regulation of crypto assets (MiCA)
Oxford University: Law Faculty Blog, 30/11/2020: The Markets in Crypto-Assets Regulation (MiCA) and the EU Digital Finance Strategy
Lexology: Library, 03/12/2020: New rules for cryptocurrencies in the EU soon to come?
PricewaterhouseCoopers (PwC): Financial Services Regulatory Insights, 09/12/2020: The Markets in Crypto-Assets Regulation: Paving the way for change
Stanford Law School: Blog, 12/01/2021: New Crypto Rules in the European Union – Gateway for Mass Adoption, or Excessive Regulation?
Centre for European Policy (CEP): Policy Brief No 1, 22/02/2021: Regulating Crypto-Assets – Part I: Stablecoins
Centre for European Policy (CEP): Policy Brief No 3, 09/03/2021: Regulation of Crypto-Assets – Part II: Cryptocurrencies and Utility-Tokens
Centre for European Policy (CEP): cepInput No 7, 09/03/2021: Regulating Crypto-Assets: MiCA-Regulation
European Banking Federation (EBF): EBF key messages - European Commission proposal: Regulation on Markets in crypto-assets (MiCA) (06/05/2021)
London School of Economics (LSE): EUROPP Blog, 05/07/2021: What the EU’s new MiCA regulation could mean for cryptocurrencies
ING Think: Article, 24/03/2022: Regulation and the coming of age of Europe’s crypto markets
KU Leuven: CiTiP Blog, 19/04/2022: NFTs excluded from MICA: A freeport for crypto pirates?
European Capital Markets Institute (ECMI): Commentary, 20/05/2022: EU’s proposed crypto regulations are flawed

CityAM, 13/03/2022: Crypto industry warns of ‘existential threat’ from draft EU regulation
Euronews, 14/03/2022: Europe rejects proposal limiting PoW cryptos such as Bitcoin but sets draft rules for sustainability
Reuters, 19/04/2022: European crypto industry steps up efforts to influence EU policy

European Commission: Publications: Digital Finance Package
EUR-LEX: SWD(2020)380: Staff Working Document accompanying the Proposal - Impact Assessment
EUR-LEX: SWD(2020)381: Staff Working Document accompanying the Proposal - Executive Summary of the Impact Assessment
European Parliament: Legislative Observatory: Procedure File for Proposal on Digital finance: Markets in Crypto-assets (MiCA) (2020/0265(COD))
European Parliament: Legislative Train Schedule: Proposal for a Regulation of the European Parliament and of the Council on Markets in Crypto-assets
European Commission: Press Release, 24/09/2020: Digital Finance Package: Commission sets out new, ambitious approach to encourage responsible innovation to benefit consumers and businesses
Council of the European Union: Press Release, 24/11/2021: Digital finance package: Council reaches agreement on MiCA and DORA
S&D EP Group: Newsroom, 28/02/2022: MiCA - Regulating crypto-assets: S&Ds deplore conservatives caving in to lobbying pressure
European Parliament: Press Release, 14/03/2022: Cryptocurrencies in the EU: new rules to boost benefits and curb threats
Renew Europe EP Group: News, 14/03/2022: Renew Europe supports an ambitious and future-proof Regulation for Crypto-Assets in Europe
EPP EP Group: Newsroom, 14/03/2022: Crypto 'Wild West' needs a European sheriff

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