On 9 June 2023, the European Parliament and the Council of the EU published in the Official Journal of the European Union L 150 Regulation (EU) 2023/1114 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.

The Regulation (Markets in Crypto-Assets Regulation - MiCA) establishes a regime for the regulation and supervision of the issuance of crypto-assets and the provision of crypto-asset services in the European Union and regulates:

• transparency and disclosure requirements for the issuance, offer to the public and admission to trading of crypto-assets on a trading platform for crypto-assets ('admission to trading');
• requirements for the authorisation and supervision of crypto-asset service providers, issuers of asset-referenced tokens and issuers of e-money tokens as well as their operation, organisation and management;
• requirements for the protection of holders of crypto-assets when they are issued, offered to the public and admitted to trading;
• requirements for the protection of clients of crypto-asset service providers;
• measures to prevent insider dealing, unlawful disclosure of inside information and market manipulation in relation to crypto-assets to ensure the integrity of markets in crypto-assets.

The Regulation entered into force on 29 June 2023, with the deferred application of the provisions on electronic money tokens (EMT – electronic money tokens) and asset-referenced tokens (ART – asset referenced tokens), which will apply from 30 June 2024, and the provisions related to the provision of crypto-asset services applicable from 30 December 2024.

The application of the Regulation’s provisions on asset-referenced tokens and e-money tokens only starts from 30 June 2024 and until then consumers cannot benefit from the rights and protection provided for by MiCA.

Likewise, until 30 December 2024, consumers cannot benefit from the rights and protection provided for by the Regulation in relation to the provision of crypto-asset services.

Before investing in crypto-assets, consumers are recommended to be informed about any risks associated with those assets, as well as any protection and rights they are entitled to, in particular in the period prior to the entry into application of the Regulation’s provisions on e-money tokens, asset-referenced tokens and the provision of crypto-asset services. Further information can be found in the joint communication on risks related to crypto-assets issued by the European financial regulators EBA, EIOPA and ESMA in March 2022, as well as in the CNB press release of July 2021 and the HANFA press releases of 8 July 2021 and 5 October 2022.

In addition, we hereby draw the attention of all entities intending to carry out activities related to e-money tokens and asset-referenced tokens to ensure that, in order to better prepare for the application of this Regulation, they follow the principles published on the EBA website and notify the competent supervisory authority of their intention to carry out such activities.