An Overview of the Markets in Crypto-Assets Regulation (MiCAR).

Abstract

The EU has enacted its first, structured and complete legislation on crypto-assets, substantiated in the Markets in Crypto Assets Regulation. With this Regulation, which constitutes a new, large pillar of the Union's financial legislation, the EU finds itself in a unique position, also on a geopolitical level, as it now constitutes the sole multi-state geographic area endowed with a homogeneous and uniform discipline (as directly applicable in the Member States) on markets in crypto-assets. This paper wishes to provide an overall illustration of the structure of the MiCA Regulation and its rational, highlighting some its major interpretative issues, including taxonomy, definitions, and interplay with National legislations, also with the aim of stimulating further research.

JEL Classification: K20, K22, K24