The European Central Bank (ECB) has recently published its opinion and suggested amendments, on the draft EU legislation for crypto-assets (MICA). Whilst welcoming a harmonised EU framework, there was a recognition from the ECB that aspects of the draft legislation required revision. The opinion was notable for its comments around the definition of “crypto-assets” and “asset-referenced tokens” (and regarding the latter in particular, the scope and the applicability of MICA to such tokens) as well as on the role of EU authorities in enforcing the legislation.
