The document discusses upcoming European regulations on crypto-assets, including the Markets in Crypto-Assets Regulation (MiCA). MiCA will establish a regulatory framework for crypto-asset services across the EU, providing legal certainty and supporting innovation while ensuring consumer protection and market integrity. MiCA will regulate the issuance and offering of crypto-assets, requiring a white paper, and the provision of crypto-asset services, which will generally require prior authorization. MiCA introduces opportunities for crypto markets through legal certainty, harmonization at the EU level, and introduction of a European passport allowing cross-border operations once authorized.

1. Blockchain4Belgium - 30 March 2023
Looking Ahead: which opportunities will
the future European crypto-assets
regulations bring?
Nicolas Kalokyris – DLA Piper

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 Introduction and context
 Upcoming European legislation on crypto-assets
 The Markets in Crypto-Assets Regulation (MiCA):
general overview
 MiCA: which opportunities for the crypto markets?
2
Agenda

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EC – Fintech Action Plan (2018)
ESMA & EBA - Reports on crypto-assets (2019)
Entry into force of AMLD V (2020)
EC – Digital Finance Package (2020)
EC – AML Package (2021)
1
2
3
4
Introduction and context
The European Regulatory Framework
5

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Digital Finance Package (September 2020)
4
AML Package (July 2021)
• MiCA - Proposal for Markets in Crypto-Assets
Regulation (MiCA) – publication expected in
April 2023
• DLT Pilot Regime – Regulation (EU)
2022/858 on a pilot regime for market
infrastructures based on distributed ledger
technology
• DORA - The Digital Operational Resilience
Act (DORA) - Regulation (EU) 2022/2554
• TFR – Recast of the Transfers of Funds
Regulation (2015/847) in order to include
transfers of crypto-assets
Upcoming European legislation on crypto-assets

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The Markets in Crypto-Assets Regulation (MiCA):
general overview

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Objectives
• Establish a regulatory
framework for crypto-
asset services across
the EU
• Legal certainty
• Support innovation
• Ensure
consumer/investor
protection and market
integrity
• Ensure financial
stability
Issuance of
crypto-assets
• Publication of a white
paper
• Core information on
the project
• Transparency and
disclosure
requirements
Provision of
crypto-asset
services
• Regulatory
requirements
• Prior authorization
The Markets in Crypto-Assets
Regulation (MiCA)

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Taxonomy of crypto-assets under MiCA
CRYPTO-ASSETS COVERED BY MICA CRYPTO-ASSETS NOT COVERED BY MICA
Asset-reference tokens (stablecoins)
E-money tokens
Utility tokens
Other crypto-assets (residual category)
Non-fungible tokens (NFTs)
Crypto-assets already subject to other FS
Regulations (e.g. financial instruments)

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Issuance of crypto-assets under MiCA
Regulated services:
• Issuance of crypto-assets;
• Offering to the public of crypto-assets;
• Admission to trading of crypto-assets.
Requirements:
• Publication of a white paper
• Organisational and operational
requirements, e.g.:
 Reserve of assets/safeguard of funds
 Ongoing regulatory capital
requirements
• Additional requirements for significant ART/
EMT

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Provision of crypto-assets services under MiCA
The provision of crypto-asset
services shall in principle require
prior authorization as ‘crypto-
asset service provider’ (CASP)
from the national competent
authority
MiCA will regulate the provision of ‘crypto-asset
services’, including:
• The custody and administration of crypto-assets;
• the operation of a crypto trading platform;
• exchange services;
• the execution of orders for crypto-assets;
• placing of crypto-assets;
• providing advice on crypto-assets;
• providing portfolio management on crypto-assets.

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Principal registration requirements as CASP under MiCA
Disclosure
and
transparency
requirements
Capital
requirements
Governance
requirements
Operational
and
organizational
requirements
Conduct of
business

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MiCA: which opportunities for the crypto markets?
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1. Legal certainty
 Brings legal certainty in a sector largely unregulated until now
 Harmonization of requirements at EU level though a directly applicable Regulation
 Affirm the credibility of the crypto sector to the market, e.g. financial institutions and
institutional investors
MiCA: which opportunities for the crypto markets?

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MiCA: which opportunities for the crypto markets?
2. Introduction of a European passport
Once authorized, CASPs will benefit from the
passport under MiCA:
• The passport will allow CASPs to offer and provide
crypto-asset services across all Member States of the
EU, either:
 Through a local branch; or
 On a cross-border basis
• The passport will ease the possibility to scale up
crypto activities at EU level

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Thank you for your attention!
Nicolas Kalokyris
T +32 (0)2 500 1652
Nicolas.Kalokyris@dlapiper.com
LAWYER
Financial Services &
Fintech Department
DLA Piper UK LLP