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Published online by Cambridge University Press: 28 February 2025
The Markets in Crypto-Assets (MiCA) Regulation has become a pressing matter amid various financial scandals related to cryptoassets. With several EU Member States in the process of adopting their own cryptoasset legislation, MiCA provides a harmonised approach for the European Single Market. Following a principle of “technology neutrality”, MiCA applies only to cryptoassets that are not covered by other EU financial law, except for e-money tokens (EMTs) to which both MiCA and the E-money Directive (EMD) apply. Hence, MiCA is a piece of “gap-filling” legislation that relies heavily on concepts from conventional EU financial law: cryptoassets similar to MiFID financial instruments and other “investment assets” are subjected to rules similar to those of MiFID and the Prospectus Regulation (PR), while cryptoassets similar to “banking assets” are subjected to rules similar to the Capital Requirements Directive (CRD) and EMD. In sum, this creates a legal framework where the risks inherent in the different types of cryptoassets are accounted for and mitigated, but where the difficult question of classifying cryptoassets into legal categories becomes all-important.
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