Protection of consumers and participants in markets in crypto-assets

Title of the thesis: Consumer Protection on Crypto-Asset Markets Abstract: This thesis focuses on the issue of consumer protection in the rapidly evolving markets for crypto- assets. Over the last decade, crypto-assets have become a major phenomenon in global finance, combining innovative technological features with significant investment potential. At the same time, they involve a number of risks that are crucial from the perspective of consumer protection. The thesis examines the historical development of crypto-asset regulation within the European Union, particularly the attempts to apply existing directives such as MiFID II, PSD2 and EMD2, and highlights their shortcomings in addressing the specific characteristics of decentralized digital assets. Fragmented and incoherent regulation led to legal uncertainty and insufficient investor protection, which served as a major impetus for the adoption of the Markets in Crypto-Assets Regulation (MiCA). Adopted in 2023, MiCA represents the first comprehensive and directly applicable legal framework harmonizing the regulatory approach across EU Member States. The thesis provides an in-depth analysis of its key elements, including the definition and categorization of crypto- assets, the obligations of crypto-asset service providers (CASPs), as well as the rules for...