Crypto-Assets – Current Legal and Economic Trends

Abstract

In this paper, the authors primarily address the current legal framework of crypto-assets both at the level of the European Union and within the Slovak Republic. Their analysis focuses in particular on Regulation (EU) 2023/1114 of the European Parliament and of the Council on Markets in Crypto-assets (MiCA), which concerns the regulation of crypto-assets and digital activities within the financial market. In connection with this regulation, they also examine Act No. 248/2024 Coll. on Certain Obligations and Rights in the Field of Crypto-assets and on Amendments and Supplements to Certain Acts. The authors regard both of these legal instruments as groundbreaking in the area of new technologies. In addition, the paper discusses the economic trends related to crypto-assets, which are significantly regulated by the mentioned legal framework. This is achieved by introducing obligations linked to new licenses for business entities dealing with crypto-assets, thereby considerably reducing their number, as well as by establishing supervision by the National Bank of Slovakia and imposing many other obligations, which substantially limit the indicated economic aspects.