Mica Regulatory Framework and Cybersecurity: New Horizons of Consumer Protection in Slovakia

Abstract

With the growing popularity of crypto-assets, the number of cyber threats posing a significant risk to consumers is also increasing. Given this dynamic, it is essential to establish a robust institutional and legal framework to protect them. This article discusses new horizons in consumer protection against cyber attacks in the context of the MiCA (Markets in Crypto-Assets Regulation) and its application at the national level. The aim of this article is to identify cyber threats in crypto-asset markets and assess the new legal framework and institutional basis for protection against cyber attacks at the EU and Slovak levels. In examining this issue, we have established the following hypothesis: The new European MiCA regulation, in conjunction with the supervisory activities of the National Bank of Slovakia and other authorities, provides consumer protection against cyber threats in crypto-asset markets. The new legislation contains several measures that have the potential to contribute to consumer protection in crypto-asset markets. However, there are certain shortcomings that should be addressed in the future to improve and strengthen this specific type of protection. The analysis and synthesis methods were primarily used to address this issue, supplemented by historical and comparative methods.