DLT5201 - MiCA: Markets in Crypto-Assets Regulation

DLT5201 - MiCA: Markets in Crypto-Assets Regulation

Course Title

DLT5201 - MiCA: Markets in Crypto-Assets Regulation

MQF Level

7

Duration and Credits

Semester 2

5 ECTS

Mode of Study

Part-Time Day

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Please check your eligibility to join this short course and time-tabling details with the Centre for Distributed Ledger Technologies. The short course will only be delivered subject to a minimum number of applications being received.

In the dynamic world of digital finance, the crypto asset industry has positioned itself at the forefront of innovation, challenging the status quo of traditional financial institutions with its emphasis on peer-to-peer transactions and minimal reliance on financial intermediaries. This rapid growth, characterized by the birth of novel financial products, has unfolded largely outside the purview of traditional regulatory frameworks, leading to the emergence of new intermediaries and, consequently, a slew of challenges, including market instability and diminished trust—issues starkly highlighted by events like the FTX scandal. Recognizing the imperative for regulatory oversight in this burgeoning sector, the European Union has introduced the Markets in Crypto Assets Regulation (MiCA), a landmark legislative framework aimed at addressing the unique challenges posed by the crypto asset industry. This study unit on the Regulation of Crypto Assets under MiCA is meticulously crafted to offer participants a comprehensive understanding of the EU's regulatory response to the complexities of the crypto asset market. Designed for a diverse audience, from financial professionals and legal practitioners to policymakers and crypto enthusiasts, this study unit aims to combine theoretical insights with practical applications. Participants will emerge with a nuanced understanding of MiCA's pivotal role in shaping the future of digital finance, equipped to tackle the regulatory complexities of the crypto asset market with confidence and strategic foresight.


Main Reading List

  • Gorton, G. B., & Zhang, J. Y. (2023). Taming wildcat stablecoins. U. Chi. L. Rev., 90, 909.
  • Veil, R. (Ed.). (2022). European capital markets law. Bloomsbury Publishing.
  • Martino, E. D. (2022). Regulating Stablecoins as Private Money between Liquidity and Safety. The Case of the EU'Market in Crypto Asset'(MiCA) Regulation. Amsterdam Law School Research Paper, (2022-27).
  • Allen, H. J. (2022). DeFi: Shadow Banking 2.0?. Wm. & Mary L. Rev., 64, 919.
  • Avgouleas, E., & Seretakis, A. (2023). How should crypto lending be regulated under EU law?. European Business Organization Law Review, 24(3), 421-438.
  • Barczentewicz, M., & Gomes, A. D. G. (2023). Crypto-Asset Market Abuse Under EU MiCA. Available at SSRN 4375201.

Study-unit Aims

The study-unit sets the following aims:

  • Exploring Technological Foundations: Initiating our journey with an in-depth exploration of the blockchain and Distributed Ledger Technology (DLT) that form the backbone of crypto assets. This foundational knowledge is crucial for understanding the operational challenges and regulatory needs of the crypto market.
  • Understanding the Regulatory Landscape: We will delve into the genesis of regulatory intervention in the crypto space, highlighting pivotal developments and incidents that have necessitated a structured regulatory response, thus setting the stage for MiCA.
  • Navigating MiCA Regulation: Participants will be offered a detailed overview of MiCA, encapsulating its objectives, scope, and the specific regulatory measures for crypto assets and service providers. This includes an analysis of crypto asset classifications, operational standards for service providers, and consumer protection mechanisms. Addressing Practical Implications: The unit will critically examine the real-world implications of MiCA for the industry, focusing on compliance strategies, the regulation's mpact on business models, and the preparatory steps required for its full enactment. Ensuring Future Readiness: Our goal is to arm participants with the necessary knowledge and tools to effectively navigate the evolving regulatory landscape, preparing them for the impending full force of MiCA. Emphasis will be placed on compliance, risk management, and leveraging regulatory developments to sustain innovation and trust within the crypto market.

Learning Outcomes: Knowledge and Understanding

By the end of the study-unit the student will be able to:

  • Analyze the technological underpinnings of blockchain and Distributed Ledger Technology (DLT) to assess their impact on the regulatory approaches taken by MiCA, identifying key challenges and opportunities for crypto assets.
  • Evaluate the historical context and development of the MiCA regulation to understand its objectives and the legislative responses to the complexities and risks associated with the crypto asset market.
  • Synthesize information from various components of the MiCA regulation to construct a comprehensive understanding of its scope, including the classification of crypto assets and the operational standards for crypto asset service providers.
  • Apply knowledge of MiCA's regulatory framework to real-world scenarios, demonstrating the ability to navigate the compliance requirements for crypto assets and service providers, and to formulate strategies for risk management and innovation within the legal boundaries.
  • Critique the effectiveness of the MiCA regulation in addressing the challenges of market instability and loss of trust within the crypto asset industry, considering the potential for future regulatory developments and their impact on the crypto ecosystem.

Learning Outcomes: Skills

By the end of the study-unit the student will be able to:

  • Critically Evaluate Regulatory Texts: Learners will be able to critically evaluate and interpret regulatory documents, including the MiCA framework, to understand their implications for the crypto asset industry. This skill involves dissecting complex legal language to assess its impact on various stakeholders and market practices.
  • Synthesize Compliance Strategies: Participants will synthesize information from multiple sources, including MiCA regulations and industry case studies, to develop comprehensive compliance strategies. This skill enables the integration of regulatory requirements with business operations, fostering innovative approaches to compliance and risk management.
  • Apply Analytical Skills to Regulatory Challenges: Learners will apply analytical skills to identify, investigate, and solve regulatory challenges posed by the MiCA framework. This involves using critical thinking to navigate the complexities of crypto asset regulation and to propose solutions that ensure both compliance and business efficiency.
  • Communicate Complex Regulations Effectively: Participants will enhance their ability to communicate complex regulatory concepts clearly and persuasively to a variety of audiences, including non-specialists. This skill is crucial for professionals who must explain the implications of MiCA to stakeholders, including investors, management, and compliance teams.
  • Engage in Lifelong Learning: Encourage an ongoing commitment to professional development and lifelong learning in the field of crypto asset regulation. Learners will evaluate emerging trends and regulatory updates, adapting their knowledge and strategies to stay at the forefront of the industry. This skill fosters adaptability and a proactive approach to professional growth and expertise in the evolving regulatory landscape.

Non EU Applicants:

EUR750

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