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25 Eur. J.L. Reform 123 (2023)
MiCA: The Introduction of an EU-Wide Regulatory Framework for Crypto-Assets

handle is hein.journals/ejlr25 and id is 125 raw text is: MiCA: The Introduction of an EU-wide Regulatory Framework for Crypto-assets Maurice van Oosten & Laurens Hillen* Abstract The Markets in Crypto Assets Regulation (MiCA) will become directly applicable in the European Union (EU) as of 30 June and 30 December 2024, respectively, and will provide a harmonized legal framework for the regulation of crypto-assets in all Member States of the European Union. This will fundamentally change the regulatory landscape for the European crypto sector. In this article, the authors consider the purpose and scope of MiCA and highlight important requirements introduced by MiCA. The authors explore the different types of crypto-assets defined and regulated under MiCA and discuss the important topic of asset segregation. In doing so, the authors also elaborate on property law aspects connected to these topics, including custody of crypto-assets and client funds. The article aims to give readers agood overview ofwhat to expect underMiCA andwhen market participants within the crypto sector start falling under MiCA's scope. Keywords: MiCA, financial regulatory law, crypto-assets, asset-referenced tokens, e-money tokens, asset segregation, property law. A. Introduction There is currently no uniform regulatory framework in the European Union (EU) for crypto-assets. Harmonized rules are, as of the date of conclusion of this article, limited to the Fifth Anti-Money Laundering Directive (AMLD5),1 which requires Member States to ensure that (i) providers of exchange services between virtual currencies and fiat currencies and (ii) providers of custodial wallets are licensed or registered by the national authorities.2 The AMLD5 registration regime is, however, limited both in scope (it covers only two crypto-related services) and type of rules (it covers only anti-money laundering rules). Moreover, AMLD5 does not apply directly but needs to be implemented by each Member State in domestic law. As a * Maurice van Oosten (LLM), lawyer at Finnius Advocaten, a financial regulatory boutique firm in Amsterdam, the Netherlands. L.G.B. Hillen (LLM), lawyer at Finnius Advocaten, a financial regulatory boutique firm in Amsterdam, the Netherlands. 1 Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 Amending Directive (EU) 2015/849 on the Prevention of the Use of the Financial System for the Purpose of Money Laundering or Terrorist Financing, OJ 2018 L 156, pp. 43-74. 2 Ibid., Art. 47 AMLD5. European Journal of Law Reform 2023 (25) 1-2 doi: 10.5553/EJLR/138723702023025001003 123

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