The MiCA Regulation represents the largest comprehensive regulation of crypto-assets at EU level, covering any crypto-asset entity engaged in the issuance, public offering, trading, exchange of crypto-assets and related services (e.g. custody and management of crypto-assets). MiCA Regulation introduced harmonized definitions in the field of crypto-assets and protections for crypto-asset investors in order to ensure that crypto-asset operators do not abuse crypto-asset investors’ money.
MiCA Regulation covers the conditions for crypto-assets to be brought to the market and offered to the public. In particular, the MiCA Regulation sets out the requirements for the authorization, operation, organization and management of a crypto-asset issuer as well as a crypto-asset service provider. It further introduces harmonized rules for the protection of crypto-asset holders and crypto-asset investors, focusing in particular on transparency and disclosure of information in relation to crypto-assets. Under the MiCA Regulation, crypto-assets are supervised by the European Banking Authority (EBA) at EU level and at local level by the competent Supervisory Authority of that Member State. National Bank of Slovakia in the Slovak Republic.
MiCA Regulation also contains provisions on the prevention of unauthorized disclosure of confidential information and market manipulation in crypto-assets. In order to prevent crypto market manipulation, the MiCA Regulation also applies to persons engaging in activities that abuse the crypto market.
Passportization will allow a crypto-asset service provider to operate freely throughout the EU under a single authorization.
The MiCA Regulation will enable cross-border tracking of crypto-asset transfers across the 27 EU Member States, allowing suspicious transactions to be identified and prevented.
