Regulation of the Markets in Crypto-Assets in the European Union (MiCA)

Regulation of the Markets in Crypto-Assets in the European Union (MiCA)

Dear clients and friends,

On October 5, 2022, the European Council published the agreed text of the Markets in Crypto-Assets Regulation (MiCA), which aims to regulate activities related to crypto-assets in the European Union. MiCA establishes regulation for various areas, including transparency, disclosure, supervision and protection in the offering, issuance, trading and marketing of crypto-assets. MiCA also includes provisions relating to consumer protection, anti-money laundering, liability of crypto-asset service providers, market abuse practices, rules for the change of control, ESG criteria, as well as administrative measures and sanctions. The MiCA regulation provides a definition of “crypto-asset,” as well as three subcategories thereof — “asset-referenced token,” “e-money token,” “utility token” — among other definitions relevant to understanding the regulation, such as “offer to the public” and “crypto-asset service provider.” It is worth noting that MiCA is not applicable to NFTs. The regulation also imposes several obligations on issuers and service providers, most of which include a “duty of information” in the form of transparency and disclosure requirements (for example, preparing a technical documentation sheet that is publicly accessible and includes specific information prior to the offering/marketing), regulatory authorizations, governance, among others, including the requirements and conditions to be recognized as an issuer and/or provider, as well as to trade on a trading platform. Although the agreed text of MiCA may differ from the final text that is published, which must be approved in a session of the European Parliament, we consider this to be an important legal development in the area of crypto-assets, since MiCA is providing an increase in the confidence of crypto-asset consumers by strengthening consumer protection through regulation, and this may “voluntarily” force other jurisdictions to offer a certain level of legal certainty to the crypto-asset market and a clear recognition of the emerging new digital environment we are facing. We will remain attentive to identify and provide updates on this matter. You may read the full text in English of the proposed regulation here. For additional information, please contact: Luis Burgueño, Partner: +52 (55) 5258-1003 | lburgueno@vwys.com.mx Gloria Martínez, Counsel: +52 (55) 5258-1016 | gmartinez@vwys.com.mx Carlos Ugalde, Associate: +52 (55) 5258-1003 | cugalde@vwys.com.mx

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