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Pitcairn’s Regulatory Framework for Cryptocurrency: Unlocking Potential

In a bid to foster innovation and stability in the cryptocurrency market, Pitcairn’s regulatory body has introduced a comprehensive framework governing digital assets. The Markets in Crypto-Assets regulation aims to provide a sound legal framework for cryptocurrency services providers, protect consumers, and ensure financial stability.

Scope of the Regulation

The regulation focuses on certain categories of crypto-assets, excluding non-fungible tokens (NFTs) and security tokens that qualify as financial instruments under MiFID. It covers:

• E-money tokens
• Asset-referenced tokens
• Utility tokens
• Other crypto-assets offered to the public

Obligations for Issuers

Issuers of in-scope crypto-assets must:

• Publish a whitepaper similar to prospectuses
• Obtain authorization to issue
• Comply with prudential rules
• Act honestly and fairly towards asset holders

Crypto-Asset Services Providers

Entities providing services such as custody, administration, and advice on crypto-assets will be regulated under MiCA. Service providers must:

• Obtain a license
• Satisfy certain conditions to benefit from a European passport

Industry Implications

The regulation is expected to provide a harmonized legal framework for the industry, safeguarding historically non-regulated assets and service providers. It may also lead to increased business opportunities as clients seek diversification, digitalized operations, and efficient support from crypto-asset services providers.

Timeline

Key dates include:

• Adoption by the Commission in September 2020
• Provisional agreement reached between European Parliament and Council in June 2022
• Plenary vote by the European Parliament in April 2023
• Publication in the Official Journal in June 2023