Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR)
Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR) has been fully applicable within the EU since 30 December 2024. The aim of the regulation is to establish a harmonised legal framework for individuals and entities operating in the primary and secondary markets for crypto-assets.
MiCAR will become directly applicable in Liechtenstein once the corresponding decision of the EEA Joint Committee to incorporate the regulation into the EEA Agreement enters into force.
The necessary implementation into Liechtenstein law is carried out through the Law implementing Regulation (EU) 2023/1114 on Markets in Crypto-Assets (EEA MiCA Implementation Act, EWR-MiCA-DG), which entered into force on 1 February 2025. The EEA MiCA Implementation Act also pre-implements MiCAR until its incorporation into the EEA Agreement.
Regulated activities
MiCAR regulates the following activities
- The offer to the public and application for admission to trading of asset-referenced tokens (ARTs). This activity is reserved to licensed credit institutions or persons holding an authorisation under Article 21 MiCAR.
- The offer to the public and application for admission to trading of e-money tokens (EMTs). This activity is reserved to licensed credit and e-money institutions.
- The offer to the public and application for admission to trading of crypto-assets other than ARTs and EMTs (Title II tokens). This activity is permitted without authorisation, provided the requirements of Articles 4 et seq. MiCAR are met.
- The provision of crypto-asset services by crypto-asset service providers (CASPs). These services are reserved to the financial entities listed in Article 59(1)(b) MiCAR, in accordance with Article 60 MiCAR, as well as to persons holding an authorisation under Article 63 MiCAR. The following activities fall under the term "crypto-value services":
- providing custody and administration of crypto-assets on behalf of clients;
- operation of a trading platform for crypto-assets;
- exchange of crypto-assets for funds;
- exchange of crypto-assets for other crypto-assets;
- execution of orders for crypto-assets on behalf of clients;
- placing of crypto-assets;
- reception and transmission of orders for crypto-assets on behalf of clients;
- providing advice on crypto-assets;
- providing portfolio management on crypto-assets;
- providing transfer services for crypto-assets on behalf of clients.