{"release":{"id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","published":"2026-11-10T16:06:46Z","pinned":false},"limits":{"coverage":{"history":"full","held_since":"2023-06-09","gaps":[],"covered":["MiCA L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","release_published":"2026-11-10T16:06:46Z","checked_at":"2026-11-09","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mica/recitals/5","url":"https://www.headlesslaw.com/mica/recitals/5","title":"Recital 5","family":"l1_hand","work_id":"mica","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-11","applies_from":null,"application":null,"version_label":"Consolidated version of 9 January 2024","check":{"against":"EUR-Lex","on":"2026-11-09"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng","valid_from":"2024-01-09","valid_until":null,"revision":1,"content_id":"934c7afa929cb01e","change_date":null,"nearest_versions":["2023-06-09","2024-01-09"],"first_text_date":"2023-05-31","correction_applies":false,"versions":["2023-06-09","2024-01-09"],"version_url":"https://www.headlesslaw.com/mica/recitals/5/versions/2024-01-09","revision_url":"https://www.headlesslaw.com/mica/recitals/5/versions/2024-01-09/rev/934c7afa929cb01e","versions_url":"https://www.headlesslaw.com/mica/recitals/5/versions","relations_url":"https://www.headlesslaw.com/mica/recitals/5/relations","source_line":null,"attribution":null},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng","check":{"result":"matched","checked_at":"2026-11-09","against":"EUR-Lex"},"repo_path":null,"body_sha256":"7f41d3d238fd7d6693238d789ec404344b12b937a5118aaf5ae4ec3c8aeeacee","markdown_sha256":"3e5ee2227ab47620da455b6d11e1820b0fcebaba58ede110510ded9636dea2fe"},"units":[],"markdown":"*In force · Regulation (EU) 2023/1114, OJ L 150, 9.6.2023 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng)*\n\nThe absence of an overall Union framework for markets in crypto-assets can lead to a lack of user confidence in those assets, which could significantly hinder the development of a market in those assets and lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies. In addition, companies using crypto-assets would have no legal certainty on how their crypto-assets would be treated in the various Member States, which would undermine their efforts to use crypto-assets for digital innovation. The lack of an overall Union framework for markets in crypto-assets could also lead to regulatory fragmentation, which would distort competition in the internal market, make it more difficult for [crypto-asset service providers](https://www.headlesslaw.com/definitions/mica/crypto-asset-service-provider) to scale up their activities on a cross-border basis and would give rise to regulatory arbitrage. Markets in crypto-assets are still modest in size and do not at present pose a threat to financial stability. It is, however, possible that types of crypto-assets that aim to stabilise their price in relation to a specific asset or a basket of assets could in the future be widely adopted by retail holders, and such a development could raise additional challenges in terms of financial stability, the smooth operation of payment systems, monetary policy transmission or monetary sovereignty.\n"}