MiCA Papers

MiCA Rulebook

The European regulatory landscape covering crypto-assets includes a range of legally relevant texts. Below is the most prominent current and upcoming legislation known or expected as of today.

EU regulatory structure

Regulatory measures for financial services within the is generally structured in four different institutional levels, which is the expected form also for the MiCA framework.

Level 1

At the top level, the European Parliament and Council adopt framework legislation, which sets out the overall objectives and principles of the regulation. Examples of framework legislation would include the GDPR and MiCAR.

Level 2

At the second level, EU can adopt, adapt and update implementing measures, which provide detailed rules and specifications for how the framework legislation will be implemented. These are usually adopted by the European Commission and are binding in their entirety.

Level 3

At the third level, regulatory bodies such as the European Securities and Markets Authority (ESMA) can provide guidance to market participants on how to comply with the rules set out in level 2.

Level 4

At the fourth level, the Commission, national legislators, national supervisory authorities, etc., can work for ensuring the correct enforcement of EU rules by national governments, by providing supervisory practices, etc.