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By Dr. Sebastiaan Niels HOOGHIEMSTRA*
On 5 October 2022, the European Council published the agreed text of the Regulation of the European Parliament and of the Council on Markets in Crypto-assets, and amending Directive (EU) 2019/1937 (the “MiCAR”). Assuming that this text will be formally approved by the European Parliament, a new top-up regime modelled after the “MiFID II top-up regime” will be introduced under MiCAR for fund managers. This contribution analyzes the impact of a possible introduction of the “MiCAR top-up regime” on fund managers in the context of the “MiFID II top-up regime”.
MiCAR establishes a harmonized framework for crypto-assets and related activities and services and includes all types of crypto-assets that are not yet...
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