What Is the EU’S MiCA Regulation’s Approach to Classifying Crypto Assets for Market Abuse Rules?

The EU's Markets in Crypto-Assets (MiCA) regulation introduces a bespoke framework for crypto assets not already covered by existing financial legislation (like MiFID II). MiCA classifies assets into categories like 'Asset-Referenced Tokens' (ARTs) and 'E-money Tokens' (EMTs).

For market abuse, MiCA establishes specific rules mirroring MAR principles, prohibiting insider dealing and market manipulation for all crypto assets under its scope, regardless of whether they are classified as traditional financial instruments.