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This analysis clarifies the permissibility of custodians using client crypto assets for their own account under MiCAR regulations, highlighting ambiguities.
Article 70(1) MiCAR (Markets in Crypto-Assets Regulation) regulates the safekeeping of crypto assets of the client. The regulation is based on existing provisions of financial market law. However, while Markets in Financial Instruments Directive II (MiFID II) expressly allows securities to be used for the service provider’s own account with the client’s consent, the wording of MiCAR is not clear in the case of crypto assets. This article analyses the permissibility of using crypto assets of the customer for their own account under the MiCAR.
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Hirtenlehner et al. (2026) studied this question.
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