Supervision of Crypto-asset Service Providers

Abstract

The purpose of this study is to analyse the regulations concerning CASPs and outsourcing in the CA market from the perspective of supervisory regulations and to answer the question of the completeness and coherency of the adopted regulations, especially with regard to CASPs from third countries, under the normative conditions of Article 61 of MiCA. The point of reference for the considerations presented in this article is, first, the principle of financial stability related to CASP activities, second, the principle of digital security formulated in the DORA Regulation. The conclusions of the study can be summarised as follows: there are functional links between the supervisory regulations for CASPs under MiCAR and DORAR, which are of key importance for digital security and resilience in the crypto-asset market, whilst Article 61 of MiCAR provides for highly flexible, from the perspective of client protection under-regulated provisions of client acquisition.