EU Legal Framework for Markets in Crypto-assets & Introducing Stablecoins. What’s next?
Article By Paris Hadjipanayis, Lawyer The European Commission has recently issued a draft proposal [ https://ec.europa.eu/finance/docs/law/200924-crypto-assets-proposal_en.pdf ] for a potential and upcoming Regulation of the European Parliament and of the Council on Markets in crypto-assets (MiCA) with the purpose of creating a legal framework within the European Union in its effort to assert certainty by establishing uniform rules on crypto-assets service providers and issuers on EU level currently not covered under existing financial services legislation. The goal would be to surpass numerous challenges encountered by investors and Service Providers on a transnational level that may be limited by limitations presented by different requirements for transparency and disclosure in relation to issuance and offering purposes imposed on crypto-assets by domestic legislation by each Member State. The proposed Regulation is divided in seven titles. Among the provisions which set up the sub...