🎧 The EU is introducing its first harmonised regulatory framework for crypto-assets with MiCAR. In the latest episode of “Alles Legal – Fintech-Recht kompakt”, Dana Wondra speaks with Kemal Ahmedi from Annerton about what the new rules mean for crypto businesses across Europe. – Tune in now!
A new regulatory framework for crypto-assets in Europe
In this episode, Dana Wondra from Payment & Banking talks to Kemal Ahmedi, attorney-at-law and partner at Annerton, about the Markets in Crypto Assets Regulation (MiCAR) and its impact on the European crypto market.
MiCAR represents a major shift for the industry. The transitional period is coming to an end and from 1 July 2026, companies will generally only be allowed to provide crypto-asset services within the EEA if they hold a full MiCAR licence.
Which crypto-assets fall under MiCAR?
The regulation distinguishes between different categories of crypto-assets, including:
- Asset-referenced tokens (ART)
- E-money tokens (EMT)
- Other crypto-assets such as Bitcoin
Stablecoins in particular are at the centre of the new regulatory framework. The episode explains why European lawmakers have introduced stricter requirements for these assets and which risks they are intended to address.
Which companies will need a MiCAR licence?
MiCAR mainly affects companies providing crypto-asset services, including:
- Crypto exchanges
- Custody providers
- Trading and exchange platforms
- Other crypto service providers
Kemal Ahmedi explains the future regulatory requirements and why governance, compliance, IT security and risk management will become significantly more important.
The EU passport and cross-border business models
One of the key advantages of MiCAR is the so-called EU passport. Once licensed, companies will be able to offer their services across the European Union without applying for separate licences in every jurisdiction.
For internationally active platforms, this could become a significant competitive advantage.
Stablecoins under stricter supervision
The episode also focuses on the stricter rules for e-money tokens and asset-referenced tokens. MiCAR introduces enhanced requirements regarding:
- Own funds
- Reserve assets
- Liquidity management
- Redemption rights for users
The aim is to strengthen consumer protection and safeguard financial stability.
Consumer protection and market abuse rules
MiCAR also introduces new transparency and market conduct obligations. Providers will be required to:
- Disclose risks transparently
- Manage conflicts of interest
- Prevent insider dealing
- Combat market manipulation
The episode highlights how the European crypto market is moving towards a more mature and regulated environment.
More regulation, more legal certainty
MiCAR will fundamentally reshape the European crypto industry. While the regulation introduces significant compliance obligations, it also creates greater legal certainty and new opportunities for scalable cross-border business models.
About this podcast
Alles Legal – Fintech Recht Kompakt delivers sharp, weekly insights into legal and compliance matters in the world of banking. (in German only)
This podcast is a collaboration between Payment & Banking and PayTechLaw.
Each Wednesday, we unpack the legal developments shaping the financial world – clearly, concisely, and without the legal jargon.
Since 2021, PayTechLaw authors and Annerton attorneys have brought depth and clarity to complex topics.
Whether it’s PSD3, DORA, or FiDA – we provide the legal context you need.
In 20 minutes. No detours.
