Targeted Consultation on the Revision of Regulations Governing Crypto-Asset Markets (MiCA)

Today, Adan is publishing its response to the targeted consultation launched by the European Commission regarding the revision of the Regulation on Markets in Crypto-Assets (MiCA).

We would like to thank the Commission for giving us the opportunity to contribute to this important discussion. Our response covers the four areas of the consultation: (1) the scope and classification of crypto-assets; (2) the requirements applicable to asset-backed tokens and electronic money tokens (EMTs); (3) the legal framework applicable to providers of crypto-asset-related services; and (4) decentralized finance (DeFi).

In these four areas, our approach is based on a fundamental principle:regulation must be linked to effective oversight and actual risk, rather than to the form an activity takes or the technology used to carry it out. When applied consistently, this principle sometimes requires the implementation of new protective measures, and sometimes shows that existing rules are already sufficient.

This work would not have been possible without the active contribution of our members and the CASP, Tokenization, DeFi, and Legal committees, who devoted considerable time and expertise to this response. We would like to extend special thanks to Adriana Torres Vergara and Alizée Van Den Schrieck for leading this effort.

We remain available for further discussions with the regulators as this review progresses!