Clifford Chance
What does MICAR mean for issuing and offering stablecoins and other crypto-assets in the EU?
22 July 2024
The new EU Markets in Crypto-assets Regulation (MiCAR) creates an EU regulatory framework for the issuance of, intermediating and dealing in, cryptoassets. Parts of MiCAR impacting the issuance, offering and admission to trading of stablecoins entered into force at the end of June 2024, while equivalent provisions for other crypto-assets, new licensing and conduct of business requirements for cryptoasset service providers, and a market abuse regime with respect to crypto-assets will apply from the end of the year.
In our new briefing, we look in detail at what issuers of stablecoins and other crypto-assets, and wider market participants, need to know about the new requirements for issuing, offering and seeking admission to trading. We cover when authorisation will be required, stablecoin reserve requirements and the key form and content requirements for white papers and who may be liable for them.
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