TY - JOUR
T1 - The Regulation on Markets in Crypto-Assets (MiCAR)
T2 - Landmark Codification, or First Step of Many, or Both?
AU - Maume, Philipp
N1 - Publisher Copyright:
© 2023 Walter de Gruyter GmbH, Berlin/Boston.
PY - 2023/4/1
Y1 - 2023/4/1
N2 - 243On 29 June 2023, the long-awaited Regulation on markets in crypto-assets (MiCAR) came into force. It is the first comprehensive framework for DLT-based units (tokens or crypto-assets) in the world. This article tries to shed some light on the drivers of its creation and the remarkable speed of the parliamentary process. It discusses its key definitions and rulesets, and identifies some interesting policy decisions made by EU lawmakers. However, despite its speed and boldness, MiCAR perpetuates the existing structures of EU financial markets regulation, including some of its weaknesses such as its emphasis on national enforcement. The idea to "copy and paste"existing regulation might also lead to problems in the future because the inconsistencies between crypto-asset regulation and financial markets regulation will probably become more significant. The big question is if and how MiCAR will approach the remaining gaps, such as the regulation of decentralised finance.
AB - 243On 29 June 2023, the long-awaited Regulation on markets in crypto-assets (MiCAR) came into force. It is the first comprehensive framework for DLT-based units (tokens or crypto-assets) in the world. This article tries to shed some light on the drivers of its creation and the remarkable speed of the parliamentary process. It discusses its key definitions and rulesets, and identifies some interesting policy decisions made by EU lawmakers. However, despite its speed and boldness, MiCAR perpetuates the existing structures of EU financial markets regulation, including some of its weaknesses such as its emphasis on national enforcement. The idea to "copy and paste"existing regulation might also lead to problems in the future because the inconsistencies between crypto-asset regulation and financial markets regulation will probably become more significant. The big question is if and how MiCAR will approach the remaining gaps, such as the regulation of decentralised finance.
UR - http://www.scopus.com/inward/record.url?scp=85173677503&partnerID=8YFLogxK
U2 - 10.1515/ecfr-2023-0014
DO - 10.1515/ecfr-2023-0014
M3 - Article
AN - SCOPUS:85173677503
SN - 1613-2548
VL - 20
SP - 243
EP - 275
JO - European Company and Financial Law Review
JF - European Company and Financial Law Review
IS - 2
ER -