The Markets in Crypto-Assets Regulation (“MiCAR”) and the various recent legal and regulatory developments related to MiCAR are contributing to the establishment of a more comprehensive and cohesive legal framework regulating the crypto-asset markets in the EU. In this article, we will summarise some of the latest and most important developments, since our last newsletter, regarding the regulation itself, the implementing regulations published by the European Commission (“EC”) as well as other guidance/materials issued by the European Supervisory Authorities (“ESAs”).
MiCAR fully applicable
As noted in our July newsletter article on MiCAR, Titles III and IV of MiCAR are applicable since 30 June 2024, while the remaining provisions, particularly those related to a cryptoasset service providers (“CASPs”), became applicable on 30 December 2024. Now that MiCAR is fully applicable, CASPs and crypto asset issuers must ensure that they are in compliance with the extensive laws and regulations under the MiCAR regime.
Implementing Regulations published by EC
Various Implementing Regulations from EC supplementing MiCAR have been published recently in the Official journal of the European Union (“OJ”).
- Implementing Regulation (EU) 2024/2861
- Laying down implementing technical standards (“ITS”) establishing guidelines on the disclosure of inside information by issuers, offerors, and those seeking crypto-asset market admission.
- Applicable since 3 December 2024.
- Implementing Regulation (EU) 2024/2545
- Laying down ITS regarding standard forms, templates, and procedures for cooperation and exchange of information between competent authorities.
- Applicable since 16 December 2024.
- Implementing Regulation (EU) 2024/2902
- Laying down ITS on the reports of specified information related to ARTs and to EMTs denominated in a non-official EU currency that issuers provide on a quarterly basis to the competent authorities.
- Applicable since 1 January 2025.
- Implementing Regulation (EU) 2024/2984
- Laying down ITS on forms, formats and templates for crypto asset white papers.
- Applicable from 23 December 2025.
Additionally, various draft delegated regulations have been published by the EC and are currently going through the legislative process.
ESAs’ updates
- 22 October 2024: a decision (EBA/DC/558) specifying details on the procedure for the classification of asset-referenced tokens (“ARTs”) and e-money tokens (“EMTs”) as significant, on the transfer of supervisory powers and on reporting obligations.
- 10 December 2024: a response to the EC’s letter regarding the overlap between the MiCAR and the revised Payment Services Directive (“PSD2”) in respect of the provision by CASPs of payment services with EMTs under MiCAR, that could be considered as an “execution of payment transactions” under PSD; the EBA intends to respond to the issues flagged in the letter by April 2025.
- 12 December 2024: a report raising awareness of tokenised deposits, noting the growing interest from banks in distributed ledger technology and emphasizing the importance of a convergent approach to crypto-asset classification and consistent monitoring.
- 18 December 2024: a final report with its guidelines in respect of reporting templates aiming at improving the collection of the data by the issuers from CASPs and the supervision by the NCAs and the EBA.
On its side ESMA has issued the following publications contributing to MiCAR implementation:
- 12 December 2024: New Q&As were published providing clarifications, in respect of CASPs authorisation ( 2342), requirements (and 2343) and audited financial statements (2344).
- 17 December 2024: ESMA published its final report with draft RTS (the "RTS") specifying certain requirements in relation to the detection and prevention of market abuse under MiCAR. The European Commission shall decide on whether to adopt the RTS within 3 months, and
- 17 December 2024: several final reports containing guidelines (the "ESMA Guidelines") were published on reverse solicitation, investor protection, the qualification of crypto-assets as financial instruments and on systems and security access protocols for offerors and persons seeking admission to trading of crypto-assets other than ARTs and EMTs.
The ESMA Guidelines shall be applicable 3 months after their publication on the ESMA website into the official EU languages.
Recent joint contributions of the ESAs aiding the implementation of MiCAR include:
- 10 December 2024: the EBA, EIOPA and ESMA published joint guidelines to facilitate consistency in the regulatory classification of crypto-assets under MiCAR, which include a standardised test for classification as well as templates for market participants to use when communicating to supervisors the regulatory classification of a crypto-asset;
- 16 January 2025: EBA and ESMA published a joint report on recent developments in cryptoassets under Article 142 of MiCAR.
Luxembourg law to operationalise MiCAR
On 22 January 2025, the first vote has been passed by the Luxembourg legislator on Draft Law No. 8387 which aims to amend several pieces of Luxembourg legislation to operationalise various European regulations including MiCAR. The exemption by the Council of State (Conseil d’Etat) from a second vote is awaited. For a snapshot of the most important MiCAR related provisions of the draft law, we refer you to our July newsletter article.
Share on
