Position Paper on the proposal for a Markets in Crypto-assets (MiCA) Regulation

FESE fully supports the work of the European Union (EU) aimed at making the EU fit for the digital age and developing a harmonised regulatory regime. We welcome the proposal by the European Commission on a Regulation on Markets in Crypto-assets (MiCA); however, key aspects should be refined:

• Technology neutrality and “same business, same risks, same rules” principles should apply to uphold the values of transparency, fairness, stability, investor protection, and market integrity.
• MiCA should further clarify that crypto-assets defined as “financial instruments” under MiFID II should not fall in the scope of the bespoke regime.
• Financial Market Infrastructures (FMIs) should explicitly be allowed to handle all forms of “digital assets” as this fosters trust in the markets in a new digital or DLT environment.
• Third country issuers or sponsors should be able to access the EU crypto-assets market in line with the existing EU regulatory framework, without having a physical presence inside the EU.