With the entry into force of Reg. EU 2023/1114 on markets in crypto-assets (MiCAR - Markets in Crypto-Assets Regulation), uniform EU-wide market rules for crypto-assets have been introduced.

The key provisions for those issuing and trading cryptocurrencies (including reference tokens and e-money tokens) concern transparency, disclosure, authorization, and transaction supervision.

The provisions of the MiCAR Regulation concern crypto-asset services, namely:

• the provision of custody and administration of crypto-assets on behalf of clients;
• the operation of a crypto-assets trading platform;
• the exchange of crypto-assets for funds and other crypto-assets;
• the execution of orders for crypto-assets on behalf of clients;
• the placement of crypto-assets;
• the reception and transmission of crypto-asset orders on behalf of clients;
• the provision of advisory services, portfolio management, and crypto-asset transfer services on behalf of clients.

Providers of the aforementioned services (crypto-asset service providers - CASP) had to initiate the process for obtaining authorization from the competent authorities by July 1, 2026. With this authorization issued by the compet...