CySEC consults market on fees payable and information to be reported under MiCAR
27/6/2024 8:58
The Cyprus Securities and Exchange Commission (CySEC) published on Wednesday a Consultation Paper seeking input on the proposed fees payable and certain information to be submitted by entities falling within the scope of the Regulation of the European Parliament on markets in crypto-assets (MiCAR).
According to CySEC, MiCAR introduces a harmonized framework in relation to crypto-assets that are fungible and do not qualify as financial instruments or any other crypto-asset excluded from its scope.
The three regulatory categories of crypto-assets that fall within MiCAR’s scope are asset-referenced tokens (ARTs), regulated under Title III of MiCAR, electronic money tokens (EMTs), which are regulated under Title IV of MiCAR. CySEC notes that EMTs demonstrate many similarities in terms of economic function and regulation with electronic money. The other regulatory category that falls in scope are crypto-assets other than ARTs and EMTs, which are regulated under Title II of MiCAR, hence forming a residual category.
The new categories of supervised entities being introduced by MiCAR, the supervision of which is expected to be assigned to CySEC, consist of offerors of crypto-assets other than ARTs and EMTs, issuers of ARTs, excluding issuers of ARTs that are credit institutions and Crypto-Asset Service Providers (CASPs), being the entities authorised to provide services in relation to crypto-assets and those regulated under sectoral law, which are subject to CySEC’s supervision and which are permitted to provide equivalent services in crypto-assets on a notification basis.
Interested parties are encouraged to submit their responses to the consultation to the CySEC Policy Department by email at [email protected] no later than 17 July 2024.
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