A quite recent explosion in crypto-assets1 indicated that they currently constitute one of the most vividly discussed topics.2 Taking into account the present worldwide trend regarding regulation of crypto-assets, and especially the fact that many European Union (EU) Member States decided to introduce bespoke regimes for crypto-assets,3 it is no wonder that EU has also decided to take some legislative steps. In September 2020, MiCA Regulation was presented by the EU Commission.4 In March 2022, amendments by the European Parliament to the Commission proposal of MiCA were presented (hereinafter the Amended Version of MiCA).5 As we can read in the MiCA Explanatory Memorandum, one aim of this proposal is to ensure a level playing field for crypto-assets market participants.6 MiCA constitutes a regulatory response to the fact that Member States have recently legislated on issues related to crypto-assets leading to market fragmentation.7
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Tomasz Tomczak (2022) studied this question.