On 30 June, the EU Parliament and Council reached a provisional agreement on the proposed Mi.Ca. Regulation.
Such proposal aims to:
- protect investors/consumers from the risks associated with investing in crypto-assets, by providing strict requirements for market access by operators, who are liable in case of losses incurred by investors;
- promote the eco-sustainability of the crypto-asset market by requiring operators to declare information on their environmental and climate footprint according to the RTS developed by ESMA.
Crypto-asset service providers will need an authorisation, issued by national authorities within a timeframe of three months, in order to operate within the EU.
NFTs, i.e., digital assets representing real objects like art, music and videos, are excluded from the scope of Mi.Ca Regulation. The European Commission will be tasked to prepare a comprehensive assessment and, if deemed necessary, a specific, proportionate and horizontal legislative proposal to create a regime for NFTs and address the emerging risks of such new market.
Council of the EU, Press Release of 30 June 2022 No. 551/22