The markets in crypto-assets are regulated by the provisions of Regulation (EU) 2023/1114 (Regulation on Markets in Crypto-Assets – MiCAR), which has become fully applicable as from 30 December 2024.
The Regulation:
- primarily covers provisions related to the protection of potential holders of crypto-assets/investors falling under its remit, as well as the safeguarding of market integrity.
- aims at addressing potential risks arising from the use of crypto-assets that purport to maintain a stable value to:
- financial stability,
- the smooth functioning of payment systems,
- the transmission of monetary policy,
- or monetary sovereignty.
- at the same time, it leverages the development of crypto-assets to support innovation in the sector.
The Regulation classifies three types of crypto-assets:
1. Electronic money or e-money tokens – EMTs: crypto-assets that purport to maintain a stable value by referencing the value of one official currency.
2. Asset Referenced Tokens – ARTs: crypto-assets that are not e-money tokens and that purport to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies.
3. Other crypto-assets: crypto-assets, other than the aforementioned types.
All crypto-assets that are under the scope of other regulations, such as financial instruments (MiFID II), deposits (CRD/CRR) or private insurance products (Solvency II), are outside of the scope of MiCAR and are covered by the respective regulatory frameworks.
Greek Legislation
Law 5193/2025 (in Greek) on the Enhancement of the Capital Market and Other Provisions (Government Gazette 56/A/11-04-2025) includes, among other things, the national measures for the implementation of MiCAR in Greece. Specifically, Part C of the Law sets out the legal form of the entities permitted to operate in the crypto-asset market, competent authorities and their powers, as well as the administrative measures and penalties they may impose.
Competences of the Bank of Greece
Pursuant to Law 5193/2025 (in Greek), the Bank of Greece is responsible for:
a) the prudential supervision of credit institutions intending to:
- issue asset-referenced tokens or e-money tokens and planning to offer them to the public or to admit them to trading,
- operate as crypto-asset service providers;
b) the prudential supervision of electronic money institutions intending to:
- issue e-money tokens and planning to offer them to the public or to admit them to trading,
- operate as crypto-asset service providers, either under their existing license, in the context of Article 60, paragraph 4 of the Regulation, or more broadly, following a licensing procedure;
c) the prudential supervision and licensing of payment institutions intending to:
- issue asset-referenced tokens and planning to offer them to the public or to admit them to trading,
- obtain a license as a crypto-asset service provider.
The Bank of Greece can also impose administrative measures and penalties for breaches of the Regulation and its delegated acts, within the scope of its competence, in accordance with Article 106 of the Law.