In this edition of our "MiCAR under the microscope" series, we examine the prudential requirements, with a specific focus on the capital requirements that are applicable to issuers of ARTs and EMTS and CASPs under Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR).
Requirements -
As part of the MiCAR framework, ARTs and CASPs must comply with specific prudential and capital requirements that reflect the different nature and risks of their activities. These requirements vary depending on the market, credit, operational, and liquidity risk that each category entity faces. In the following sections, we will explain how these requirements apply respectively to ARTs, EMTs and CASPs.
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