Current developments relating to MiCAR

The Markets in Crypto-assets Regulation (MiCAR) entered into force within the EU on 29 June 2023. The regulation aims to create a harmonised legal framework within the EU for persons operating within the primary and secondary markets for crypto-assets.

Different MiCAR provisions will apply at different times within the EU. Specifically, Titles III and IV, which cover electronic money tokens (EMTs) and asset-referenced tokens (ARTs), will apply effective 30 June 2024, while the Titles dealing with the licensing and supervision of crypto-asset service providers will apply effective 30 December 2024.

Several Level 2 and Level 3 texts will need to be issued to further specify the MiCAR requirements. Since 12 July 2023, the EBA and ESMA have already been conducting public consultations on some of these texts:

EBA recommendation

At the same time, the EBA is recommending that issuers of EMTs and ARTs prepare for MiCAR in a timely manner.

The EBA recommendation includes guiding principles to be followed until Titles III and IV of MiCAR apply. These guiding principles are not legally binding and do not supersede national rules. Undertakings issuing EMTs or ARTs or intending to do so are requested to contact the national supervisory authorities using the template. The supervisory authorities will anonymise the submitted information and forward it to the EBA.

In Liechtenstein, both registered and non-registered issuers under the TVTG must submit the form via the email address fintech@fma-li.li.

In Liechtenstein, issuers of EMTs and ARTs are already subject to the TVTG. This means that an issuer must register with the FMA within 12 months if the issue volume reaches or exceeds CHF 5 million. Regardless of this threshold, issuers of EMTs and ARTs are subject to the Due Diligence Act. If a token falls within the definition of electronic money under the Electronic Money Act, the provisions of that act also apply.

In all cases, a subordination enquiry may be submitted to the FMA for the purpose of evaluating whether a token is covered by the currently applicable rules.

Entry into force of MiCAR in Liechtenstein

Entry into force and applicability of MiCAR in Liechtenstein depend to a large extent on the date of incorporation of the regulation into the EEA Agreement. Liechtenstein is in any event striving to ensure that MiCAR will apply at the same time as within the EU. The FMA will provide more detailed information on the timetable in due course.