Licencování poskytovatelů služeb s kryptoaktivy podle nařízení MiCA

Abstract

The aim of this master's thesis is to evaluate the institutional provision of the licensing process for Crypto-Asset Service Providers (CASP) in selected Member States of the European Union in the context of the MiCA regulation and to assess how national specifics affect the functioning of this unified regulatory framework. The theoretical part maps the historical development of cryptocurrencies and their prior regulation, subsequently defining the new legal framework of the MiCA regulation. The core practical part contains a comparative analysis of four distinct jurisdictions (Czech Republic, Germany, France, and Malta). It compares their institutional supervision models, the licensing process, fee policies, market entry barriers, and the setup of transitional periods. The results of the analysis show that despite uniform European legislation, regulatory arbitrage persists in the market due to the differing institutional readiness and approaches of national regulators. In the conclusion, using an index of regulatory attractiveness, the thesis evaluates how these differences lead to a varied structure of licensed entities across the individual countries.