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Primary Market in Crypto-Assets: Disclosure Regime for ICOs in MiCA Regulation Proposal
Abstract
The initial public offer of crypto-assets (ICOs) has attracted growing attention from a regulatory perspective in many jurisdictions. The proposed MiCA Regulation has envisaged the application in the UE of three separate but inter-connected disclosure regimes (for asset referenced tokens, e-money tokens and other tokens), largely modelled on the existing EU Prospectus Regulation regime. The article examines the scope of the special disclosure regimes for ICOs in MiCA Regulation proposal and focuses on the differences and similarities with respect to the Prospectus Regime, analyzing if and to what extent they are justified
Keywords
- ICOs
- IPOs
- token
- coin
- crypto-assets
- MiCAR
- Public Offer
- Disclosure
- Prospectus
- White Paper
