MiCA is a key document regulating crypto assets in the EU, creating a single regulatory framework.
Main objectives:

-Market integrity: fighting fraud and manipulation.

-Investor protection: guarantees for all participants.

-Promotion of innovation: equal conditions for development.

-Market competitiveness.

The regulation covers both asset-linked tokens and the activities of crypto-asset service providers (CASPs).

However, does MiCA really usher in a new era of trust and transparency, or does it risk becoming a tool of total control?

Let's take a look at the main changes to find answers.

Key changes implemented by МіСА

1. New permits and licenses

Basic requirements for CASPs.

The provision of crypto-asset services in the EU is permitted only upon receipt of appropriate authorization (permit), which is aimed at ensuring the transparency and reliability of the crypto-asset market.

The procedure for obtaining such a permit:

1.Application submission:

-Submitted to the competent authority of the Member State of origin.

-Must contain detailed information on the management structure, financial stability and internal control systems.

2.Application evaluation:

-Confirmation of application receipt - up to 5 business days.

-Verification – up to 25 business days with the possibility of clarification.

3.Key requirements for companies:

-Registered office and effective management in the EU.

-One of the directors must be an EU resident.

4.The permit may be revoked in the following cases:

-Refusal of permission or non-use for 12 months.

-Interruption in the provision of services for more than 9 months.

-Serious violations (inaccurate information, violation of AML requirements).

2. Management organization in the field of cryptocurrency services: standards and requirements for transparency and security

The CASP management organization according to Art. 68 of the MiCA regulation sets a high bar for reputation, competence and ethical standards. The main provisions include:

1. Integrity and professionalism of the members of the management body:

- They must have an impeccable reputation and relevant knowledge, skills and experience, excluding any offenses such as money laundering or terrorist financing.

2. Requirements for shareholders with significant control:

-Persons with significant influence over the CASP must also meet reputation standards. In case of risks, the competent authorities may restrict their voting rights or impose sanctions.

3. Professional training of personnel:

-CASPs must ensure that their staff have sufficient knowledge and skills to provide quality services.

3. MiCA puts consumer rights first

MiCA focuses on protecting consumer rights in the crypto-asset sector by introducing mandatory transparency of communication, publication of technical documentation (white paper), the right to withdraw from the transaction, and mechanisms for handling complaints.

1. Transparency of marketing communications

All marketing communications related to cryptoassets must meet clear requirements:

-Clear identification as marketing.

-Accuracy of information - be honest, clear and not misleading.

-Comply with the technical documentation (white paper).

-Must contain information about the location of the technical documentation, contact details of the offeror or platform operator.

In addition, all messages must be accompanied by a note that "the marketing message about cryptoassets has not been verified by any competent EU authority, and the responsibility for its content lies solely with the offerer."

2. Obligation to publish technical documentation (white paper)

Official documents regarding crypto assets, along with marketing materials, should be:

-Published on the website of the offeror or platform operator.

-Publicly available before the start of the public offer or admission to trading.

-Available throughout the period the cryptoassets remain in public ownership.

-Identical to the version filed with the competent authority.

3. Right of refusal

Article 13 guarantees retail investors the opportunity to cancel a contract within 14 calendar days of its conclusion:

-Applies to all crypto assets except asset-linked tokens and e-money tokens.

-Applies to crypto assets that have not been admitted to trading.

-No fees or explanations are required.

-Period begins upon retail owner’s consent to purchase.

4.Complaints procedure

Article 71 requires CASPs to implement clear and accessible complaints mechanisms. Customers must submit complaints free of charge, using standard forms, and companies must deal with them within a reasonable time and in a fair manner

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