Crypto-Asset Issuance

The MiCA regulation applies to all crypto-assets and crypto market actors. However, some are either completely exempted or may be exempted under certain conditions.

Exemptions and exceptions

• NFTs – Non-fungible tokens are completely exempted
• Airdropped tokens – may be exempted under certain conditions
• Mining/staking rewards – may be exempted under certain conditions
• Utility tokens – may be exempted under certain conditions

Key takeaways

• MiCA – implemented in stages
• Possible exemptions and exceptions
• EBA urges preparation during the transitional period
• Classification of crypto-assets and market actors
• 2 types of stablecoins – EMTs and ARTs
• 10 different services for CASPs

To ensure a smooth transition, the crypto market participants should familiarize themselves with the current regulatory framework in their home member state which is still applicable during the transitional period, and use the requirements of the MiCA regulation as a blueprint for adjusting their arrangements in accordance with the upcoming regulatory regime.

Notwithstanding narrow exemptions, all crypto-asset issuers will have to prepare a white paper, including the information about:

• The issuer
• The crypto-asset project;
• The token
• The underlying technology including environmental effect
• The associated risks

After the adoption of pan-European MiCA regulation allowing crypto service passportization in EU/EEA ECOVIS advice Crypto Asset Service Providers (CASP) on MiCA compliance and conversion of their existing licenses into European passportable crypto licenses.

Below you will find short descriptions of licensing solutions and services offered by ECOVIS.