Nikolas Xenfontos

The MiCA Regulation in 2023

On the 16th of May 2023, the European Council formally adopted the Markets in Crypto-Assets (MiCA) Regulation, establishing the first legal framework for crypto-assets at the European Union (EU) level. MiCA is the result of the work conducted between several EU preparatory bodies, authorities, and commissions for almost five years.

Within this blog post, the IforPE instructor, Nikolas Xenofontos, intends to briefly introduce you to the Markets in Crypto-Assets Regulation and discuss its aim and objectives.

At the end of this blog post, we share with you a course dedicated to MiCA Regulation that builds on the information provided here. The course has been developed to provide professionals involved in crypto-asset markets with an understanding of the regulation’s applicability and main provisions.


What is MiCA?

The Markets in Crypto-Assets Regulation is a dedicated and harmonized framework that provides specific rules for crypto-assets and related activities and services. It constitutes part of the EU’s endeavour to provide a broader legal framework for crypto-assets and distributed ledger technology (DLT).

MiCA lays down uniform requirements for the issuance, offering and placing of crypto-assets and the authorization and operation of crypto-asset service providers (CASP). The ultimate goal of MiCA is to increase the protection of retail holders and enhance the integrity of the EU crypto-asset market while maintaining competitiveness in the global market.

Aim & Objectives

The outline of uniform requirements for both crypto-assets and CASP allows for crypto-asset services to be offered on a cross-border basis across the EU Member States. This uniformity provides higher levels of investor protection and financial stability.

The MiCA Regulation is designed to fulfil four primary objectives. The first is to provide the legal basis for crypto-assets that are not covered by existing European legislation. The second is to establish uniform rules for crypto-asset issuers, offerors and CASP entities.

To this end, the third objective is to replace existing frameworks developed on a national level to regulate crypto-assets that do not fall under existing financial services legislation. The fourth and final objective is to establish specific rules concerning asset-reference tokens and electronic money tokens.

MiCA Regulation is expected to come into complete force by the second semester of 2024. Until then market participants are expected to take all necessary measures and ensure compliance with the regulatory requirements prescribed therein.

What is the Markets in Crypto Assets (MiCA) Regulation course and what does it include?

The Markets in Crypto Assets (MiCA) Regulation course is delivered by Nikolas Xenofontos, the Managing Director at SALVUS Funds, and aims to guide professionals through the most critical requirements of the regulation.

Professionals who undertake this course will be introduced to the primary categories of crypto-assets and will gain an understanding of the regulation’s significance. Furthermore, they will be educated on the upcoming regulatory obligations of crypto-asset issuers, offerors, and CASP regulated entities. On a final note, the course addresses the Anti-Money Laundering (AML) framework that complements the MiCA Regulation. The course is suited for professionals with no or limited experience in crypto-assets and related services and activities and are employed within:

  • Crypto-Asset Service Providers
  • Investment Firms
  • Investment Funds
  • Fund Administrators
  • Electronic Money Institutions
  • Payment Service Providers
  • Law firms
  • Audit firms

The syllabus of the MiCA Regulation course includes:

  • Fiat Currency, Digital Assets and Crypto Assets
  • Introduction to MiCA
  • The Importance of MiCA Regulation
  • MiCA Provisions: Crypto-Assets
  • MiCA Provisions: Crypto-Assets Service Providers
  • Complementary AML Regulatory Framework

The material of the MiCA Regulation course is provided in both PDF slides and online video recordings, designed specifically for self-paced learning. Learners who register for this course have the flexibility to learn wherever and whenever.

At the end of the course, learners can test the acquired knowledge by undertaking a set of test questions based on the material covered.

The completion of this course counts towards the Continuous Professional Development (CPD) annual requirements of professionals, holders of the CySEC Advanced and Basic certifications.
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