Abstract

Blockchain technology allows the parties to trade crypto-assets without an intermediary, implementing all the stages of the transaction, including clearing, settlement and custody. Nevertheless, crypto-assets exchanges and custodian wallet providers are blossoming, within the different national regulatory approaches of European states. MiCAR is the EU harmonized effort towards a comprehensive regulatory framework for crypto-assets services providers, influenced by the regime of traditional investment services and activities. The paper examines some features of crypto-assets trading, custody and settlement within the new MiCAR framework