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 at Leiden University, the Netherlands.
Louise Gullifer is the Rouse Ball Professor of English Law at the University of Cambridge, UK.
Ilya Kokorin is Assistant Professor in Financial Law at Leiden University, the Netherlands.

1. Introduction, Matthias Haentjens (Leiden University, the Netherlands), Louise Gullifer (University of Cambridge, UK) and Ilya Kokorin (Leiden University, the Netherlands)
2. Background, Goals and Structure, Ilya Kokorin (Leiden University, the Netherlands)
3. Scope and Key Terms, Philipp Paech (London School of Economics, UK)
4. Typology of Crypto-assets, Philipp Paech (London School of Economics, UK)
5. Offer and Admission to Trading of Crypto-assets other than ARTs and EMTs, Heikki Marjosola (University of Helsinki, Finland) and Marika Salo-Lahti (University of Vaasa, Finland)
6. Regulation of ARTs and EMTs, and their Issuers, Philipp Maume (TUM School of Management, Germany)
7. Regulation of Crypto-asset Service Providers and Crypto-asset Services, Ilya Kokorin (Leiden University, the Netherlands) and Bart Joosen (Leiden University, the Netherlands)
8. Significant ARTs, EMTs and CASPs, Marisa Machacek (DLA Piper, Germany)
9. Crypto-assets and Market Abuse, Nick Campuzano (Leiden University, the Netherlands) and Rogier Raas (Leiden University, the Netherlands)
10. Role and Powers of National Competent Authorities, EBA and ESMA, Elisabeth Noble (London School of Economics, UK)
11. Excluded Topics and Future Regulation, Lodewijk van Setten (Leiden University, the Netherlands)
12. Crypto-Regulation in the UK, Simon Gleeson (Clifford Chance, UK)
13. Crypto-Regulation in the USA, Carla L Reyes (SMU Dedman School of Law, USA) and Drew M Hinkes (American Bar Association, USA)
14. Conclusion, Matthias Haentjens (Leiden University, the Netherlands), Louise Gullifer (University of Cambridge, UK) and Ilya Kokorin (Leiden University, the Netherlands)