MiCA Potential Solution
MiCA COULD provide a PAN EUROPEAN legal Framework
MiCA COULD stop CASP ostracism by banks
MiCA COULD provide an huge PAN EUROPEAN Market opportunity like eIDAS did for Trust Services Providers
MiCA COULD give market integrity and provide consumers and investors with appropriate levels of protection and a clear understanding of their rights
MiCA WILL for sure try to maintain financial stability by keeping STABLE COINS under a STRICT regulation.
Will MiCA affect my project ?
MiCA imposes an obligation on issuers of crypto-assets to publish an information document (called whitepaper) with mandatory disclosure requirements.
Small and medium-sized enterprises (SMEs) will be exempted where the total consideration of the offering of crypto-assets is less than €1,000,000 over a period of 12 months.
Issuers of ‘stablecoins’ will not be subject to authorisation by a national competent authority (NCA) if the outstanding amount of ’stablecoins’ is below €5,000,000.
MiCA is organized in eight titles (chapters):
- Title I sets the subject matter, the scope and the definitions.
- Title II regulates the CASP offerings and marketing of crypto-assets to the public.
- Title III Requirements for issuers of asset-backed stablecoins
- Title IV Requirements and procedures for issuers fiat backed stablecoin (e-money)
- Title V Provisions on authorisation and operating conditions for CASPs.
- Title VI prohibitions and requirements to prevent crypto-assets market abuse.
- Title VII provides the power to national competent authorities: ESMA and EBA
- Title VIII deals with the delegation acts implementation of the Act
Title I subject, the scope and the definitions.
Article 1 Subject Matter
This Regulation establishes uniform requirements for the following:
- transparency and disclosure requirements for the issuance and admission to trading of crypto-assets;
- the authorisation and supervision of crypto-asset service providers and issuers of asset-referenced tokens and electronic money tokens;
- the operation, organisation and governance of issuers of asset-referenced tokens, issuer of electronic money tokens and crypto-asset service providers;
- consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
- measures to prevent market abuse to ensure the integrity of crypto-asset markets
Article 2 Scope and exemptions
- This regulation applies to entities engaged in the issuance of crypto-assets and services related to crypto-assets in the Union.
- This Regulation shall not apply to crypto-assets that qualify as:
- financial instruments
- electronic money
- deposits and structured deposits
- This regulation shall not apply to the following entities and persons:
- the European Central Bank and national central banks as monetary public authority
- insurance carrying out the reinsurance and retrocession activities
- liquidator or an administrator acting in the course of insolvency procedure
- persons who provide crypto-asset services exclusively for their parent companies, for their subsidiaries or for other subsidiaries of their parent companies;
- the European investment bank;
- the European Financial Stability Facility and the European Stability Mechanism;
- Public international organisations.
- This regulation shall not apply to the following entities
- credit institutions for issuing asset-referenced tokens
- credit institutions for providing crypto-asset services
- investment firms where they provide one or several crypto-asset services equivalent to the investment services and activities for which they are authorised
- payment institutions for providing crypto-asset services