Towards a harmonized global regulation: an analysis of the MiCA regulation and its implications for the European crypto-asset market

The Proposal for a Regulation of the European Parliament and of the Council on Markets in Crypto-assets or in short – MiCA - aims to establish a regulatory framework for crypto-assets, including cryptocurrencies, security tokens, and stablecoins, in the European Union. The present paper provides a brief overview of the history and development of cryptocurrency regulations in the European Union. The study also examines the MiCA proposals, which seek to establish a standardized regulatory framework for crypto-assets and the possible implications of the proposed regulation for the cryptoasset industry, including the impact on innovation and consumer protection. Additionally, the paper discusses the challenges associated with the implementation of the proposed regulation, including the need for coordination and cooperation between authorities and the potential for regulatory arbitrage.