Abstrakt
The draft Markets in Crypto-assets Regulation (MiCAR) seeks to regulate crypto-asset services and service providers as an area, which was mainly built on the idea of independence from the current financial system and its regulatory framework. MiCAR, inspired by the Markets in Financial Instruments Directive (MiFID II) as a cornerstone of the EU financial services regulation, now aims to change the paradigm.
The paper deploys cross-sectoral approach, focuses on examining the scope and categorising the relevant crypto-asset services compared with the "traditional" investment services catalogue under MiFID II. By analysing the definitions and content of individual services, it seeks to identify possible differences.
It also examines the impacts MiCAR might have on how the scope of individual corresponding investment services under MiFID II is interpreted, and vice versa. As a result, the paper introduces three categories of cryptoasset services and emphasizes the relevant differences from the MiFID II list.