Markets in Crypto-Assets Regulation (MiCAR)
Markets in Crypto-Assets Regulation (MiCAR)
The Markets in Crypto Assets Regulation (MiCAR) entered into force within the EU on 29 June 2023. The regulatory framework aims to create a harmonised legal framework within the EU for persons operating within the primary and secondary markets for crypto assets.
MiCAR rules addressed to market participants will gradually come into legal effect: The provisions on asset-referenced tokens (ART) and e-money tokens (EMT) will be applied in the EU from June 2024, all other provisions from December 2024.
MiCAR introduces a comprehensive crypto licensing regime and will provide regulatory clarity, safeguard financial stability, and help the EU become a leader in the token economy.
Entry into force of MiCAR in Liechtenstein
Liechtenstein is part of the EEA, not part of the EU, thus MiCAR is not directly applicable in Liechtenstein. The entry into force and applicability of MiCAR in Liechtenstein depends largely on the date of incorporation of the regulation into the EEA Agreement. In any case, Liechtenstein is striving for simultaneous applicability of MiCAR with the EU. The FMA will provide more detailed information on the timetable in due course.
What advantages does Liechtenstein offer?
MiCAR rules addressed to market participants will gradually come into legal effect: The provisions on asset-referenced tokens (ART) and e-money tokens (EMT) will be applied in the EU from June 2024, all other provisions from December 2024.
MiCAR introduces a comprehensive crypto licensing regime and will provide regulatory clarity, safeguard financial stability, and help the EU become a leader in the token economy.
Entry into force of MiCAR in Liechtenstein
Liechtenstein is part of the EEA, not part of the EU, thus MiCAR is not directly applicable in Liechtenstein. The entry into force and applicability of MiCAR in Liechtenstein depends largely on the date of incorporation of the regulation into the EEA Agreement. In any case, Liechtenstein is striving for simultaneous applicability of MiCAR with the EU. The FMA will provide more detailed information on the timetable in due course.
What advantages does Liechtenstein offer?
- MiCAR is based on the same principles as the Token and Trusted Technology Service Provider Act (TVTG), which regulates the crypto industry in Liechtenstein since 2020
- Liechtenstein-based entities may apply for simplified procedures for the MiCAR license application if they were authorised under the TVTG
- Liechtenstein's service providers (banks, auditors, trustees, lawyers,..) and the Financial Market Authority (FMA) are well experienced with crypto companies
- Unrestricted access to the European single market
- Open access to the Swiss market due to the Swiss Franc and a customs union
- Attractive Flat-Tax-Rate of 12.5% for companies
- High political, economic, and social stability and innovation-friendly environment
- AAA country rating by Standard & Poor's
- Short and efficient decision-making processes
