MICA REGULATION UNDER SCRUTINY
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Abstract
The Markets in Crypto-assets Regulation (MiCA) seeks to regulate crypto-asset services and cryptoasset
service providers within the European Union as an area, which was mainly built on the idea of independence
from the current “traditional” financial system and its regulatory framework. MiCA, inspired by
the Markets in Financial Instruments Directive (MiFID II) as a cornerstone of the EU financial services regulation,
now aims to change the paradigm.
The paper focuses on examining the scope of the relevant crypto-asset services compared with the investment
services catalogue under MiFID II. By analysing the definitions and content of individual services, it
seeks to identify possible differences and frictions. Further, it categorises and evaluates prospective requirements
put on the crypto-asset service providers (CASPs). As a result, the paper emphasizes the relevant differences
of MiCA and MiFID II lists, as well as provides an overview of the new requirements put on cryptoasset
service providers.
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