The trilogue agreed on the final text for the Markets in Crypto Assets Regulation (“MiCAR“) on June 30, 2022, which now needs to be adopted by the member states (click here for the press release).

• MiCAR will for the first time create a single European legal framework for crypto assets, crypto issuers and service providers. Crypto assets have been regulated in a predominantly inconsistent manner in Europe to date.
• MiCAR provides for specific requirements for Utility Token, Value-Referenced Token and E-Money Token. It does not include Security Tokens, which are already subject to existing EU financial services regulations, [...]
  
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