INFORMATION TECHNOLOGY
From 30 December 2024, Regulation 2023/114 on Markets in Crypto-assets ("MiCAR") is appliable in its entirety.
Regulation (EU) 2023/1114 on markets in crypto-assets ("MiCAR") introduced harmonised rules in the European Union for the issuance, offer to the public and provision of services relating to crypto-assets that cannot be traced back to financial instruments or other products already regulated by EU legislative acts.
From 30 December 2024, MiCAR is directly applicable in its entirety and operators are required to comply with it.
In particular, MiCAR regulates the issuance, trading and provision of services on three types of crypto-assets:
1. asset-referenced tokens ("ART"), defined as crypto-assets that aim to maintain a stable value by referring to another value or right or a combination of the two, including one or more official currencies;
2. e-money tokens ("EMTs"), defined as crypto-assets that aim to maintain a stable value by reference to the value of a single official currency; and
3. the so-called "other than" crypto-assets, a category that includes crypto-assets other than ARTs and EMTs; This category also includes "utility tokens", i.e. crypto-assets intended solely to provide access to a good or service provided by its issuer, and fractions of non-fungible tokens, such as those issued in a large series or collection.
Legislative Decree No. 129/2024 completed the process of adapting to MiCAR by outlining the powers and functions of Consob and the Bank of Italy. The aforementioned decree also defines the transitional regime and transparency obligations applicable to current virtual currency operators registered in the special section of the OAM register.
From 30 December 2024, MiCAR is directly applicable in its entirety and operators are required to comply with it.
In particular, MiCAR regulates the issuance, trading and provision of services on three types of crypto-assets:
1. asset-referenced tokens ("ART"), defined as crypto-assets that aim to maintain a stable value by referring to another value or right or a combination of the two, including one or more official currencies;
2. e-money tokens ("EMTs"), defined as crypto-assets that aim to maintain a stable value by reference to the value of a single official currency; and
3. the so-called "other than" crypto-assets, a category that includes crypto-assets other than ARTs and EMTs; This category also includes "utility tokens", i.e. crypto-assets intended solely to provide access to a good or service provided by its issuer, and fractions of non-fungible tokens, such as those issued in a large series or collection.
Legislative Decree No. 129/2024 completed the process of adapting to MiCAR by outlining the powers and functions of Consob and the Bank of Italy. The aforementioned decree also defines the transitional regime and transparency obligations applicable to current virtual currency operators registered in the special section of the OAM register.
