View source for MiCAR (Reg. EU 2023/1114)

==== '''1. Definition.''' ====
The regulation known as 'MiCAR' means the Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937.

==== '''2. Content and scope of application.''' ====
The regulation has caused great excitement among scholars and practitioners because it sets out for the first time uniform requirements for the public offer and admission to trading on a trading platform of certain crypto assets as well as requirements for service providers for crypto assets.

It applies only to:

- utility tokens;

- "monetary tokens", including those tokens which under the Regulation itself are defined as "asset-referenced tokens" and "e-money tokens".

Under Art. 3, par. 1:

an ‘asset-referenced token’ is a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies (n. 6);

an ‘electronic money token’ or ‘e-money token’ means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency (n. 7);

an ‘utility token’ is a type of crypto-asset that is only intended to provide access to a good or a service supplied by its issuer (n. 9).

According to Art. 2, par. 4, the Regulation does not apply to crypto-assets that qualify as financial instruments. Consequently, it does not apply to those tokens that are known as “security tokens”.  Paragraph 5 below then defers to ESMA to develop, by 30 December 2024, guidelines in accordance with Art. 16 of Regulation (EU) No 1095/2010 on the conditions and criteria for the qualification of crypto-assets as financial instruments.

==== '''3. Implementation.''' ====
The Regulation was enacted on 31 May 2023 and was published in the Official Journal of the European Union on 9 June 2023. It shall apply from 30 December 2024, except for Titles III and IV, which shall apply from 30 June 2024.

==== '''References and Websites.''' ====
For more details see:

A. Lanotte, ''L’avvento del MiCA mette davvero fine al Crypto Far West in Europa?'', in Econopoly, 24 Aprile 2023, available at: https://www.econopoly.ilsole24ore.com/2023/04/24/mica-crypto-regolamento-europa/;

P. Carrière, ''Decreto Fintech e MICAR: il quadro normativo sulle cripto attività'', in ''Dirittobancario.it'', 30 maggio 2023, available at: https://www.dirittobancario.it/art/decreto-fintech-e-micar-il-quadro-normativo-sulle-cripto-attivita/.


The full text of the MiCAR Regulation, Reg. (UE) 2023/1114, is available at: https://www.dirittobancario.it/art/regolamento-mica-il-testo-del-regolamento-ue-2023-1114-in-gu-ue/#.


The official, updated version of the Regulation is available at: https://eur-lex.europa.eu/legal-content/IT/TXT/?uri=CELEX%3A32023R1114&qid=1688044240930.