Crypto-Asset Services under the Draft MiCA Regulation

20 Pages Posted: 14 Dec 2021

See all articles by Martin Hobza

Martin Hobza

Charles University in Prague - Faculty of Law

Aneta Vondráčková

Charles University in Prague - Faculty of Law

Date Written: December 6, 2021

Abstract

The draft Markets in Crypto-assets Regulation (MiCA) seeks to regulate crypto-asset services and crypto-asset service providers within the European Union as an area, which was mainly built on the idea of independence from the current “traditional” financial system and its regulatory framework. MiCA, inspired by the Markets in Financial Instruments Directive (MiFID II) as a cornerstone of the EU financial services regulation, now aims to change the paradigm.

The paper deploys cross-sectoral approach, focuses on examining the scope and categorising the relevant crypto-asset services compared with the investment services catalogue under MiFID II. By analysing the definitions and content of individual services, it seeks to identify possible differences and frictions. It also examines the impacts MiCA might have on how to interpret the scope of individual corresponding investment services under MiFID II, and vice versa. Further, it categorises and evaluates prospective requirements put on the crypto-asset service providers (CASPs). As a result, the paper introduces three crypto-asset service categories, emphasizes the relevant differences of MiCA and MiFID II lists, as well as provides an overview of the new requirements put on crypto-asset service providers.

Keywords: Crypto-asset services, crypto-asset service providers, investment services, MiCA, MiFID II.

Suggested Citation

Hobza, Martin and Vondráčková, Aneta, Crypto-Asset Services under the Draft MiCA Regulation (December 6, 2021). Charles University in Prague Faculty of Law Research Paper No. 2021/III/4, Available at SSRN: https://ssrn.com/abstract=3984355 or http://dx.doi.org/10.2139/ssrn.3984355

Martin Hobza (Contact Author)

Charles University in Prague - Faculty of Law ( email )

Nam. Curieovych 7
Praha, 11640
Czech Republic

Aneta Vondráčková

Charles University in Prague - Faculty of Law ( email )

Nam. Curieovych 7
Praha, 11640
Czech Republic

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