Whether, and to what extent, crypto-asset tokens are subject to financial services regulation is a subject of wide debate and a degree of controversy. As a result, it can sometimes be difficult for a crypto-asset market participant to determine whether it falls within the scope of financial services regulation. In this regard, one of the main issues for such participants is whether or not they fall within the scope of the EU’s revised Markets in Financial Instruments Directive 2014/65 (the “Directive”) and Markets in Financial Instruments Regulation 600/2014 (collectively, “MiFID”). This briefing sets out a number of Q&A which we hope will help crypto-asset market participants considering this issue.
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