DISCLAIMER: The present English translation is only provided for information purposes. No liability can be accepted for the accuracy, completeness and topicality of the information. In the event of a conflict or contradiction between the English translation and the German version, the German version shall prevail.

In response to the growing importance of crypto-assets, Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR) has established, for the first time, a stand-alone, harmonized regulatory framework for the issuance, trading, and custody of crypto-assets in the European Union. MiCAR aims to promote innovation and fair competition, ensure a high level of consumer and investor protection, and ensure the integrity of markets for crypto-assets. The regulation contains transparency and disclosure requirements. It also provides for the authorisation and supervision of crypto-asset service providers and crypto-asset issuers and sets out requirements for their operation, organisation and corporate governance. In addition, MiCAR lays down rules for investor, consumer and customer protection and requires measures to prevent insider trading and market manipulation in relation to crypto-assets. The requirements of MiCAR apply directly to the market participants concerned and are generally applicable in full since December 30, 2024.