Position Paper on the Progress on Markets in Crypto-Assets Regulation (MiCA)
Bitkom supports the European Union’s efforts in harmonizing the market for crypto-asset issuers and service providers. Bitkom believes that MiCA has the potential to shine beyond the EU single market and set a landmark on a global scale. Nonetheless, concerns remain around the clarity of legal definitions, the potential for regulatory overlaps as well as supervisory and liability issues. Bitkom wants to highlight that it is important to focus on “financial functions” and less on “technical functions” of crypto-assets and DLT-based assets. This would allow to render the MiCA text future-proof for a field with fast technological developments.