MiCA: Direct Applicability Coupled with Challenges for the National Legislation
MiCA: Direct Applicability Coupled with Challenges for the National Legislation

Author(s): Alexander Kult, Petr Tomčiak
Subject(s): Law on Economics, ICT Information and Communications Technologies, Socio-Economic Research, EU-Legislation
Published by: ADJURIS – International Academic Publisher
Keywords: MiCA; crypto-assets; choice of law; complaint handling; financial regulation;
Summary/Abstract: On June 9, 2023, the Markets in Crypto Assets Regulation (MiCA) was published in the Official Journal of the European Union as a comprehensive regulatory framework for the crypto industry in the EU. This paper aims to critically assess the selected issues of national law in conflict with directly applicable rule MiCA. Authors deal with problematic issues, such as the question of an unambiguous choice of law in relation to the Rome I Regulation which provides protection to the consumers by means of their domestic law. Secondly, authors discuss the complaint handling procedure under MiCA, especially the conflict between specific MiCA rules and national rules for enforcement. The paper brings questions of whether it is lex specialis vis-à-vis national rules on the enforcement of rights arising from defective performance or not. It is therefore necessary to assess whether the complaints regime constitutes only an expression of dissatisfaction with the provider's conduct or whether it also constitutes an expression of dissatisfaction with the quality or quantity of the contractual performance. The paper is accompanied by an insight into the implementation regime of Czech law as well as the current regulation of crypto-service providers from the perspective of the Estonian AML Act.

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