European Commission Introduces Draft Regulation for Markets in Crypto Assets (MiCA)

3 November 2020
View Debevoise In Depth
Key takeaways:
  • The European Commission introduced a draft of a regulation of markets for crypto assets ("MiCA") that do not constitute financial instruments.
  • MiCA will in particular regulate the licensing and other obligations of issuers of asset- referenced tokens, e-money tokens and utility tokens.
  • Providers of crypto asset services will also be subject to licensing and ongoing obligations.
  • MiCA also provides for a passporting regime that allows offering and admission to trading of tokens and provision of crypto asset services throughout European Union.