No. 80: The Principle of Reverse Solicitation Under the Markets in Crypto Assets Regulation (MiCA)

Details

Author(s):
  • Kristine Feyling Skorpen
Publish Date:
July 27, 2023
Publication Title:
European Union [EU] Law Working Papers
Publisher:
Stanford Law School
Format:
Working Paper
Citation(s):
  • Kristine Feyling Skorpen, The Principle of Reverse Solicitation Under the Markets in Crypto Assets Regulation (MiCA), EU Law Working Papers No. 80, Stanford-Vienna Transatlantic Technology Law Forum (2023).
Related Organization(s):

Abstract

The new Markets in Crypto Assets Regulation (MiCA) imposes rules and obligations on firms and service providers that want to engage actively in the offering of crypto-asset services and products in the EU. However, the novel regulation also encompasses another segment of service providers – the ones in scope of this thesis: Third-country entities that do not obtain an authorisation under the regulation but still wish to serve EU individuals on the basis of the principle of reverse solicitation. Under the principle of reverse solicitation, third-country firms may serve EU individuals if the product and service have been requested at the individual’s own exclusive initiative. In short, the principle prohibits the third-country firm to market its products and services within the EU. It does, nevertheless, come with various questions and doubts that will be intended answered in this thesis. The overarching question is the principle’s scope, range, and frames, and whether third-country firms will have any room of actions towards EU individuals under the application of this concept. Furthermore, the thesis will explore various sides of the legal incorporation of the principle of reverse solicitation under MiCA, national competent authorities’ guidance and eventually, a practical assessment of traditional activities and whether these would fall within or outside the framework of the principle of reverse solicitation.