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Safe Bank

Published: 2025-08-29

The problem of the legal qualification of selected crypto-asset services in light of MiCAR

Rafał Włoczka Logo ORCID
Section: Problems and Opinions
https://doi.org/10.26354/bb.7.2.99.2025

Abstract

The article examines the possible legal qualification for providing custody and administration of crypto-assets and providing transfer services for crypto-assets on behalf of clients, concerning e-money tokens within the meaning of Regulation (EU) 2023/1114 of the European Parliament and of the Council on Markets in crypto-assets, as payment services within the meaning of Directive (EU) 2015/2366 of the European Parliament and of the Council on payment services in the internal market.

The article examines whether the specified services fall within the scope of the payment services, and analyses the potential implications of this. The study uses a legal-dogmatic approach based on the interpretation of legal acts, case law, and the domestic and foreign academia.

The results show that the recognition of these services as payment services would entail dual regulatory requirements - for both crypto asset providers and payment service providers. This issue is crucial for the stability of the financial market and the effectiveness of the supervision of its participants.

JEL Codes

K22, K23, G28

Citation rules

Włoczka, R. (2025). The problem of the legal qualification of selected crypto-asset services in light of MiCAR. Safe Bank, 99(2), 122–136. https://doi.org/10.26354/bb.7.2.99.2025

Cited by / Share

Vol. 99 No. 2 (2025)
Published: 2025-08-29


ISSN: 1429-2939
eISSN: 2544-7068
Ikona DOI 10.26354

Publisher
Bankowy Fundusz Gwarancyjny

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