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.
Relationship between MiCAR and TVTG
MiCAR covers activities that were previously largely regulated by the nationally applicable TVTG. TT service providers whose business model now falls under the MiCAR regime may continue to operate under the TVTG without a MiCAR authorisation during the transitional period, which runs until 31 December 2025. It should be noted that cross-border activities within the EEA (passporting) will be possible only once MiCAR has been incorporated into the EEA Agreement and an authorisation as a crypto-asset service provider has been obtained.
Registered TT service providers must therefore obtain authorisation in accordance with Article 63 MiCAR by 31 December 2025 if they wish to continue their activities beyond that date. For registered TT service providers that are financial entities listed in Article 59(1)(b) MiCAR, authorisation under Article 63 MiCAR is not required; instead, Article 60 MiCAR applies.
At the same time as the EWR-MiCA-DG entered into force, the scope of the TVTG was also amended, allowing both legal acts to remain in force alongside each other, while their respective areas of application are mutually exclusive. For example, non-fungible tokens (NFTs) could fall within the scope of the TVTG, as they are excluded from the scope of the regulation under Article 2(3) MiCAR. Depending on their business model and specific circumstances, service providers may therefore be required to obtain authorisations under both legal frameworks.
Relationship between MiCAR and MiFID II
Crypto-assets that qualify as financial instruments within the meaning of Directive 2014/65/EU (MiFID II) are excluded from the scope of MiCAR. This aligns with established practice in Liechtenstein. When classifying a crypto-asset for regulatory purposes, it must therefore first be determined whether it qualifies as a financial instrument under MiFID II.
Subordination enquiries pursuant to MiCAR and TVTG
In response to subordination enquiries, the FMA provides information on the applicability of Regulation (EU) 2023/1114 or of the laws enumerated in Article 5(1) FMAG for precisely defined circumstances relating to distributed ledger technology.