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MICA and crypto regulation: Potential changes already?

In this photo illustration a novelty Bitcoin token is photographed on Euro bank notes.
Photo: Matt Cardy/Getty Images

Hubert Blanc-Jouvan | Ashurst, Francesco Assi | Ashurst

3 min read
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The proposed reforms seek to address supervisory fragmentation, regulatory arbitrage, and insufficient investor protection, but also include potentially problematic ‘passporting’ issues.

Key takeaways

  • In a joint paper of September 15, 2025, French, Austrian, and Italian regulators make various proposals to strengthen MiCA.
  • In order to avoid “regulatory shopping”, a direct supervision of significant CASPs by ESMA is proposed, but criteria for identifying “significant CASPs” remain undefined.
  • Stricter rules are suggested for global platforms
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