Source: European Parliament
The Markets in Crypto-Assets (MiCA)[1] Regulation on the prevention and prohibition of market abuse involving crypto-assets, applies to acts carried out by any person concerning crypto-assets that are admitted to trading or in respect of which an admission to trading on a crypto-asset platform has been made, in the EU (Article 86).
Provided Mr Musk’s actions refer to crypto-assets admitted to trading or a request for admission has been made in the EU, Article 91(2)(c) which prescribes that no person shall engage in or attempt to engage in market manipulation, including the dissemination of information through the media would apply.
The supervision and enforcement of the MiCA Regulation is the competence of the national competent authorities. The national competent authorities have the power to investigate and impose any appropriate sanction for actions that are found to be in violation of the provisions of the MiCA Regulation, including the provisions for the prevention of market abuse.
The Commission is scheduled to review the MiCA Regulation at regular intervals. Article 140 lists all the areas that the review will cover, including the functioning of markets in crypto-assets in the EU and any market developments and trends, therefore possibly covering indirectly international developments that may affect crypto-asset markets.
- [1] OJ L 150, 9.6.2023, p. 40-205.