The Commission’s targeted consultation on the review of the Markets in Crypto-Assets Regulation (MiCAR) provides an opportunity to assess the effectiveness of the EU’s regulatory framework for crypto-assets and identify areas where further clarification or revision may be needed. In its Response, ELI focuses on four key areas: the scope of MiCAR, the legal framework for crypto-asset service providers (CASPs), regulatory challenges relating to stablecoins, and issues currently falling outside the scope of MiCAR, including decentralized finance (Defi), staking and crypto-lending.

ELI extends its sincere gratitude to the Chair of the Response, ELI President Prof Dr Teresa Rodríguez de las Heras Ballell, ELI Council members Prof Dr Matthias Lehmann and Prof Dr Francesco Paolo Patti, as well as ELI Member Vyara Savova, and Dr Fabian Schinerl and Anja Blaj Zajc for their valuable contributions and expertise. 

Our thanks are also due to the members of the ELI Council for their valuable feedback and contributions.

ELI’s Response is available here.