The Brussels MiCAR Roundtable, held in collaboration with Validvent and the Web3 Foundation, explored key challenges in implementing MiCAR across the EU. Experts discussed disclosures, whitepapers, supervision, and reverse solicitation within the framework.
Disclosures and Whitepapers
The session emphasized challenges in meeting MiCAR’s detailed whitepaper and environmental disclosure requirements. Concerns included overlapping disclosures, tight timelines, and liability for whitepaper content. Participants proposed standardizing guidelines for whitepapers and establishing a liability framework to ensure accountability. Environmental disclosures, seen as critical but complex, should align with whitepaper deadlines to avoid inefficiencies. Collaborative efforts with academic and industry experts were suggested to develop sustainable methodologies for assessing environmental impacts.
Supervision Challenges
The dual supervision regime for significant ARTs and EMTs under MiCAR presents complexities, particularly in harmonizing practices across EU member states. The roundtable highlighted variability in supervisory measures, penalties, and interpretations, which could lead to regulatory arbitrage. ESMA’s role in ensuring convergence among national authorities was emphasized, along with calls for standardizing criteria for determining significant entities. Participants advocated for clearer guidelines to address these discrepancies and a potential move toward centralised supervision for systemically important entities.
Reverse Solicitation
MiCAR’s reverse solicitation rules aim to protect EU consumers by restricting unregulated third-country CASPs from marketing to EU clients. Concerns were raised about the broad interpretation of solicitation, including the assumption that websites in EU languages constitute marketing. Participants called for clearer criteria to distinguish brand marketing from solicitation, enabling well-regulated firms to maintain their presence without violating MiCAR’s provisions.
Conclusion
The Brussels MiCAR Roundtable underscored the need for harmonised EU-level regulation, clearer guidelines, and proactive collaboration among stakeholders. Standardised supervision, practical disclosure frameworks, and refined reverse solicitation rules are essential for fostering a robust and transparent crypto asset market in the EU. These measures aim to balance consumer protection, innovation, and market integrity, reinforcing MiCAR’s role as a cornerstone of EU digital asset regulation.
