NFTS UNDER THE FRAMEWORK OF MiCA
In the European Union (EU), there are two distinct periods regarding the regulation of crypto assets, related services and crypto assets service providers. The distinction is based on the existence or lack of specific regulation of crypto assets. From a different perspective, a distinction can also be made between the regulatory environment before and after the implementation of the Markets in Crypto Assets regulation (MiCA/MiCAR). The former period can be characterized as the EU regulatory wild west of crypto assets, where the crypto sector was regulated, but only partially, by amending existing legislation. The second era of crypto-relevant EU regulation is the development of a specific regulatory framework striving for consistent legal cover of the whole crypto sector. In this paper, without aiming to be exhaustive, the MiCA’s specific regulatory framework applying to the crypto asset market is described. The aim of this paper is to provide a summary overview of the state or lack of provisions in the MiCA regarding non-fungible tokens.
Keywords: EU, MiCA, DLT, crypto, NFT.
Literature
Breszkovics, B. 2022. NFTk-k jogi aspektusai. Debrecen, Pro Futuro, 12(2), pp. 69-70. https://doi.org/10.26521/profuturo/2022/2/12402
Bujtár, Z. 2021. Az értékpapírosítás. Pécs: Pécsi Tudományegyetem, Állam- és Jogtudományi Kar.
Bujtár, Z. 2022. A decentralizált pénzügyek (DeFi) árnyékbanki jellege. JURA, 28(4), pp. 18-20.
Bujtár, Z. 2023. Bankválság 2023-ban – megismétlődhet a 2007-2009-es nagy pénzügyi válság? In: Bujtár, Z. et al. (eds.), A válságkezelés, gazdasági és jogi eszközei : Konferenciakötet – válogatott tanulmányok. Pécs: Pécsi Tudományegyetem Állam- és Jogtudományi Kar, pp. 29-31.
Edelman, R. 2022: The Truth About Crypto: A Practical, Easy to Understand Guide to Bitcoin, Blockchain, NFTs and Other Digital Assets. New York: Simon & Schuster.
Gáspár, Z. 2022. Az el salvadori Bitcoin-törvény gazdasági és jogi aspektusai. In: Bujtár, Z. et al. (eds.), Fenntartható növekedés (ESG) jogi és gazdasági aspektusai. Pécs: Pécsi Tudományegyetem Állam- és Jogtudományi Kar, pp. 39-51.
Gebreab, S. A. et al. 2022. NFT-Based Traceability and Ownership Management of Medical Devices. IEEE Access PP, 99(1), pp. 126394-126411. https://doi.org/10.1109/ACCESS.2022.3226128
Hokianto, H. F. 2023. Non-Fungible Tokens: A Literature Review. SaNa: Journal of Blockchain, NFTs and Metaverse Technology, 1(1), pp. 1-9. https://doi.org/10.58905/sana.v1i1.32
Király, P. B. 2020. A kriptovaluták pénzügyi fogyasztóvédelmi aspektusai. Iustum Aequum Salutare, 4, pp. 45-58.
Kraizberg, E. 2023. Non‑fungible tokens: a bubble or the end of an era of intellectual property rights. Financial Innovation, 9(32). https://doi.org/10.1186/s40854-022-00428-4
Laurence, T., & Kim, S. 2021. NFTs for Dummies. New Jersey: John Wiley & Sons Inc.
Mezei, P. 2022. NFT-k a szerzői jog világában. Iparjogvédelmi és Szerzői Jogi Szemle, 127(3), pp. 7-23.
Peres, R. et al. 2023. Blockchain meets marketing: Opportunities, threats, and avenues for future research. International Journal of Research in Marketing, 40(1), pp. 1-11. https://doi.org/10.1016/j.ijresmar.2022.08.001
Rácz, D. 2018. Szabályozási kérdések a pénzügyi innováció területén. In: Fazekas, M. (ed.) Jogi Tanulmányok. Jogtudományi Előadások az Eötvös Loránd Tudományegyetem Állam- és Jogtudományi Kar Doktori Iskoláinak Konferenciáján. Budapest: ELTE Állam- és Jogtudományi Kar Állam- és Jogtudományi Doktori Iskola, pp. 342-254.
Szilovics, C. 2022a. A kriptovaluták pénzfunkciójáról és gazdasági, társadalmi jelentőségéről. In: Bujtár, Z. et al. (eds.) Kriptoeszközök világa a jog és a gazdaság szemszögéből : konferenciakötet : válogatott tanulmányok. Pécs: Pécsi Tudományegyetem Állam- és Jogtudományi Kar, pp. 250-252.
Szívós, A. 2023. The Taxation of Cryptocurrency. In: Frankel, D. A. (eds.) A Current Anthology of Law. Athens: Athens Institute for Education and Research, pp. 79-83.
Legal sources
European Commission. 2018. FinTech Action Plan: For a more competitive and innovative European financial sector. COM(2018) 109 final. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52018DC0109 (18. 5. 2024).
Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 Text with EEA relevance. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32011L0061 (18. 5. 2024).
Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC Text with EEA relevance. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32013L0036 (18. 5. 2024).
Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions Text with EEA relevance. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0091 (18. 5. 2024).
Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes. Available at: https://eur-lex.europa.eu/eli/dir/1997/9/oj (2024. 05. 18.)
Proposal for a Regulation of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. COM/2021/420 final. Available at: https://eur-lex.europa.eu/legal-content/HU/TXT/?uri=CELEX%3A52021PC0420 (18. 5. 2024).
Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (Text with EEA relevance). Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32019R2088 (18. 5. 2024).
DORA. Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (Text with EEA relevance). Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022R2554 (18. 5. 2024).
Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU (Text with EEA relevance). Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022R0858 (18. 5. 2024).
Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 (Text with EEA relevance). Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R1113 (18. 5. 2024).
Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC Text with EEA relevance. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014R0596 (18. 5. 2024).
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 Text with EEA relevance. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014R0600 (18. 5. 2024).
CSDR. Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 Text with EEA relevance. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014R0909 (18. 5. 2024).
Internet sources
Clifford chance. 2021. Non-fungible tokens: The global impact. Available at: https://www.cliffordchance.com/content/dam/cliffordchance/briefings/2021/06/non-fungible-tokens-the-global-legal-impact.pdf (18. 5. 2024).
Cointelegraph. 2024. What is the InterPlanetary File System (IPFS), and how does it work? Available at: https://cointelegraph.com/learn/what-is-the-interplanetary-file-system-ipfs-how-does-it-work (18. 5. 2024).
NFT18. 2023. 2023 NFT annual report. Available at: https://nft18.com/reports/2023-nft-annual-report/ (18. 5. 2024).
enjin.io. ERC-1155. Available at: https://enjin.io/about/erc-1155 (18. 5. 2024).
erc721.org. ERC-721. Available at: https://erc721.org/ (18. 5. 2024).
European Banking Authority (EBA). 2019. Report with advice for the European Commission on crypto-assets. Available at: https://www.eba.europa.eu/sites/default/documents/files/documents/10180/2545547/67493daa-85a8-4429-aa91-e9a5ed880684/EBA%20Report%20on%20crypto%20assets.pdf (18. 5. 2024).
European Council. 2022. Digital finance: agreement reached on European crypto-assets regulation (MiCA). Available at: https://www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-european-crypto-assets-regulation-mica/ (18. 5. 2024).
European Securities and Markets Authority (ESMA). 2019. Advice on Initial Coin Offerings and Crypto-Assets. ESMA50-157-1391. Available at: https://www.esma.europa.eu/sites/default/files/library/esma50-157-1391_crypto_advice.pdf (18. 5. 2024).
Frank, R. 2021. Beeple NFT becomes the most expensive ever sold at auction after fetching over $60 million. CNBC. Available at: https://www.cnbc.com/2021/03/11/most-expensive-nft-ever-sold-auctions-for-over-60-million.html (18. 5. 2024).
Harmath, D. & Breszkovics, B. Festmény a blokkláncon avagy, mi is az az NFT. https://kutatokejszakaja.pte.hu/programok/festmeny-a-blokklancon-avagy-mi-is-az-az-nft- (18. 5. 2024).
Harmath, D. Telegram chat messages. https://telegram.org/ (18. 5. 2024).
Hayward, A. 2023. NFT Sales in 2022 Nearly Matched the 2021 Boom, Despite Market Crash. Decrypt. Available at: https://decrypt.co/118438/2022-versus-2021-nft-sales (18. 5. 2024).
Learn. 2022. What are NFTs? Available at: https://opensea.io/learn/what-are-nfts (18. 5. 2024).
Non-fungible. 2021. Yearly NFT market report. Available at: https://nonfungible.com/reports/2021/en/yearly-nft-market-report (18. 5. 2024).
Locke, T. 2021. Jack Dorsey sells his first tweet ever as an NFT for over 2.9 million. CNBC. Available at: https://www.cnbc.com/2021/03/22/jack-dorsey-sells-his-first-tweet-ever-as-an-nft-for-over-2point9-million.html (18. 5. 2024).
Mazur, M. 2021. Non-Fungible Tokens (NFT). The Analysis of Risk and Return. IESEG School of Management. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3953535 (18. 5. 2024).