Legal regulation of the cryptocurrency sector at the EU level in terms of the MiCA regulation

Abstract

The intensive development of a new sector of the financial market — the crypto-assets market — is accompanied by a lack of coherent regulation in this area. The European Union has decided to take action to ensure legal protection of cryptoassets. The goal of this article is to discuss the essence of the proposal for a regulation on crypto-assets markets, hereinafter referred to as the MiCA (Markets in Crypto-Assets Regulation), which is part of the public finance regulation package adopted by the European Commission. The purpose of introducing the legal framework is to prepare for the upcoming digital revolution and to build an economy adapted to developing technologies. The article will discuss the most important issues regarding the MiCA regulation.