On June 29, 2023, the European Union’s Regulation (EU) 2023/1114 on Markets in crypto-assets (“MICA”) came into force. It regulates the circulation of crypto-assets, establishing requirements for their issuers, issuance and circulation sites, and the process for adopting decisions on issuance. In the absence of full regulation of the circulation of cryptocurrency in most countries, MiCA can become a ruling model. For Russian issuers and service providers, its content is also relevant because it affects all issuers of crypto assets that extend their activities into the EU and provide services to EU citizens in in the field of crypto assets.
Vera Zotova, Ph.D., and Olga Nechaeva, respectively a Senior Associate and a Junior Associate in the Intellectual Property and Information Technology Practice at Nordic Star, analyzed in detail the advantages and disadvantages of the main innovations of these Regulations, along with their possible impact on the Russian legal environment.