MiCAR and beyond: regulating DLT-based assets, services and infrastructure in the EU
By: Luigi Cantisani
References
- Barczentewicz, M. (2023) MEV on Ethereum: a policy analysis. ICLE White Paper 2023-01-23. Available at: https://doi.org/10.2139/ssrn.4332703
- Barczentewicz, M. (2024) Legally credible neutrality on Ethereum. November. Available at: https://doi.org/10.2139/ssrn.5029164
- ‘Commission delegated regulation (EU) 2025/417 of 28 November 2024 supplementing Regulation (EU) 2022/858’ (2025) Official Journal L 2025/417, 14 March.
- ‘Commission implementing Regulation (EU) 2024/2984 of 29 November 2024 laying down implementing technical standards for the application of Regulation (EU) 2023/1114 with regard to forms, formats and templates for crypto-asset white papers’ (2024) Official Journal L 2024/2984, 3 December.
- ‘Council directive (EU) 2014/65/EU of 15 May 2014 on markets in financial instruments (recast)’ (2014) Official Journal L 173/39, 12 June, pp. 349–496.
- ‘Council directive (EU) 2015/2366 of 25 November 2015 on payment services in the internal market’ (2015) Official Journal L 337/35, 23 December, pp. 35–127.
- ‘Council directive (EU) 2018/843 of 30 May 2018 amending Directive (EU) 2015/849’ (2018) Official Journal L 156/43, 19 June, pp. 43–74.
- ‘Council proposal for a Regulation of the European Parliament and of the Council on the establishment of the digital euro’ (2023) COM(2023) 369 final.
- ‘Council proposal for a Regulation of the European Parliament and of the Council on the legal tender of euro banknotes and coins’ (2023) COM(2023) 364 final.
- ‘Council proposal for a Regulation of the European Parliament and of the Council on the provision of digital euro services by payment service providers incorporated in Member States whose currency is not the euro’ (2023) COM(2023) 368 final.
- ‘Council proposal for a Regulation of the European Parliament and of the Council amending various regulations as regards the further development of capital market integration and supervision within the Union (market integration package)’ (2025) COM(2025) 943 final.
- ‘Council regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public’ (2017) Official Journal L 168/12, 30 June.
- ‘Council regulation (EU) 2022/858 of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology’ (2022) Official Journal L 151/1, 2 June, pp. 1–33.
- ‘Council regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets’ (2023) Official Journal L 150/40, 9 June, pp. 40–205.
- ‘Council regulation (EU) 2023/2854 of 13 December 2023 on harmonised rules on fair access to and use of data (Data Act)’ (2023) Official Journal L 2023/2854, 22 December.
- ‘Council regulation (EU) 2024/1183 of 11 April 2024 amending regulation (EU) No 910/2014 as regards establishing the European Digital Identity Framework’ (2024) Official Journal L 2024/1183, 30 April.
- EBA (2026) Opinion on the interplay between PSD2 and MiCA in relation to crypto-asset service providers that transact electronic money tokens. EBA/Op/2025/08. European Banking Authority, 10 June.
- EBA and ESMA (2025) Joint report: recent developments in crypto-assets (Article 142 MiCAR). European Banking Authority and European Securities and Markets Authority, January.
- EIB (2024) The scale-up gap: financial market constraints holding back innovative firms in the European Union. European Investment Bank, 24 July.
- ESMA (2023) Consultation paper: technical standards specifying certain requirements of Markets in Crypto-Assets Regulation (MiCA) – second consultation paper. European Securities and Markets Authority. ESMA75-453128700-438, 5 October.
- ESMA (2024) ESMA_QA_2067: treatment of staking services in MiCA. European Securities and Markets Authority, 20 June.
- ESMA (2025a) ESMA_QA_2293: proprietary trading under MiCA. European Securities and Markets Authority, 6 June.
- ESMA (2025b) ESMA_QA_2404: scope of public offering. European Securities and Markets Authority, 17 January.
- ESMA (2025c) ESMA_QA_2653: how to distinguish between different execution services. European Securities and Markets Authority, 14 October.
- ESMA (2025d) SMSG advice on the consultation paper on technical standards specifying certain requirements of the Markets in Crypto-assets Regulation (MiCA). European Securities and Markets Authority, January.
- ESMA (2025e) TRV risk analysis: maximal extractable value implications for crypto markets. European Securities and Markets Authority, July.
- ESMA (2026) Principles on risk-based supervision. European Securities and Markets Authority. ESMA42-1710566791-6326.
- Financial Market Authority Austria (no date) Preventing unintentional offers to the public. Available at: https://www.fma.gv.at/en/cross-sectoral-topics/markets-incrypto-sassets-regulation-micar/preventing-unintentional-offers-to-the-public/ (Accessed: 26 January 2026).
- IOSCO (2023) Final report with policy recommendations for decentralized finance (DeFi). FR/14/23. International Organization of Securities Commissions, December.
- Letta, E. (2024) Much more than a market: speed, security, solidarity. Report to the European Council. April. Available at: https://www.consilium.europa.eu/media/ny3j24sm/much-more-than-a-market-report-by-enrico-letta.pdf (Accessed: 26 January 2026).
- Pantaleo, A. and Vianelli, A. (2024) ‘Digital asset market making and MiCAR: in or out?’, SSRN, 11 March. Available at: https://doi.org/10.2139/ssrn.4755453
- Suardi, M. (2024) ‘Revisione della PSD2 e coordinamento con il MiCAR: evoluzione o rivoluzione della disciplina sui servizi di pagamento?’, Banca d’Italia – Mercati, infrastrutture, sistemi di pagamento, October. Available at: https://doi.org/10.2139/ssrn.5270454
- UNIDROIT (2023) UNIDROIT principles on digital assets and private law. Available at: https://www.unidroit.org/wp-content/uploads/2024/01/Principles-on-DigitalAssets-and-Private-Law-linked-1.pdf (Accessed: 26 January 2026).
- ‘Van Loon, J. et al. v. Department of the Treasury et al.’ (2024) United States Court of Appeals for the Fifth Circuit, case No. 23-50669.
Language: English
Page range: 144 - 174
Published on: Jun 28, 2026
Published by: Tallinn University of Technology
In partnership with: Paradigm Publishing Services
Keywords:
Related subjects:
© 2026 Luigi Cantisani, published by Tallinn University of Technology
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.