This book provides a commentary on the Markets in Crypto-Assets Regulation (MiCAR), a game-changing EU regulation for crypto-assets and crypto-asset services.
Directly applicable in all EU Member States, MiCAR serves as a benchmark for future regulation in other jurisdictions, influencing rulemaking and crypto industry around the world.
In this book, leading experts in the fields of financial law, regulation and technology examine the goals, rules and operation of MiCAR. The book explores its provisions in the broader context of current market practices, technological developments, existing financial law instruments (eg MiFID II, Prospectus Regulation, Crowdfunding Regulation and Market Abuse Regulation), court cases (eg the bankruptcies of FTX and Celsius), regulatory initiatives in the USA and the UK, as well as soft law instruments.
The book is designed for anyone dealing with crypto-assets or considering entering the crypto space. This includes representatives from legal and business communities, both incumbent (banks, investment firms, investment funds) and new market players (crypto exchanges, wallet service providers, issuers of stablecoins), supervisory authorities, students and academics.
The reader will gain a deep understanding of the scope and structure of MiCAR, key terms used in it, its rationale, and the main rules for issuers of crypto-assets, crypto-asset service providers and crypto-asset services.
Matthias Haentjens is Professor of Private Law and Director of the Hazelhoff Centre for Financial Law at Leiden University, and Deputy Judge in the Court of Amsterdam.
John Linarelli is Professor of Law at the University of Pittsburgh, USA.
Louise Gullifer is Rouse Ball Professor of English Law at the University of Cambridge, UK.
Photo by Robert Taylor
Teresa Rodríguez de las Heras Ballell is Associate Professor of Commercial Law at University Carlos III of Madrid, Spain. She is also currently Sir Roy Goode Scholar at UNIDROIT, Rome (2021-22) and previously held the Chair of Excellence at Harris Manchester College, Oxford University.
Teresa is an arbitrator at the Madrid Court of Arbitration and the Spanish Court of Arbitration, a member of the Spanish Advertising Standards Tribunal (Autocontrol), member of the European Commission Expert Group on Liability and New Technologies, member of European Union Expert Group for the Observatory on the Online Platform Economy, Delegate for Spain before UNIDROIT and UNCITRAL Working Group VI on Security Interests, and member nominated by UNIDROIT of the Expert Study Group on a Fourth Protocol for the Cape Town Convention on International Security Interests.
She has held fellowships at the European Central Bank Legal Research Programme 2018 with a project on Fintech regulation, the Transatlantic Technology Law Forum, Stanford Law School, and was a Marie Curie Fellow at the Centre of European Law and Politics (ZERP), University of Bremen. In addition she has held visiting professorships at Oxford University, Toulouse 1 University Capitole, Columbia Law School, Tulane University Law School, the University of the Andes, the University of Turin, the University of Tokyo and University College London.
Ilya Kokorin is Assistant Professor in Financial Law at Leiden University, the Netherlands.
