Marktmanipulation unter Geltung der MiCAR
Eine Betrachtung des Art. 91 MiCAR in Abgrenzung zum klassischen Kapitalmarktrecht
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Beschreibung
Bastian Reich analyses Article 91 MiCAR on the prohibition of market manipulation in crypto-assets, outlining its distinction from the Market Abuse Regulation. He explores investor protection, legal structure and enforcement within the evolving EU crypto-regulatory framework.
Bastian Reich offers an in-depth legal analysis of market manipulation in the context of the EU Markets in Crypto-Assets Regulation (MiCAR), focusing on Article 91. He situates MiCAR, effective in full since 30 December 2024, within the broader framework of EU financial market law and examines its relation to the Market Abuse Regulation (MAR). In the first part, the author demonstrates that the exclusivity of both regimes, as proclaimed in Article 2 MiCAR, does not withstand closer scrutiny. The second part provides a detailed doctrinal and economic analysis of Article 91 MiCAR, which shifts the regulatory focus from allocative efficiency to the protection of retail investors. This shift entails a redefinition of the investor model, accounting for behavioural and irrational market dynamics. The author further explores how established problems of market manipulation appear in this new context and discusses specific manipulation patterns unique to crypto-assets. The concluding section addresses the legal consequences of violations of Article 91 MiCAR, including the contentious issue of potential civil liability.
Autor*in
Bastian Reich
Born 1997; qualified as a bank clerk in 2015; studied law at University of Münster in 2018; first state examination in law in 2022; research assistant at the Institute for Corporate and Capital Markets Law - Department I at the University of Münster; doctorate in 2025; Legal clerkship at the Higher Regional Court of Hamm.
Themen in »Marktmanipulation unter Geltung der MiCAR«
Anlegerrecht Aufsichtsrecht Blockchain Dezentralisierung Digital Finance Strategy Kapitalmarktrecht Kleinanleger Kryptowährungen Kryptowerte MAR Marktmanipulation Marktmissbrauch MiCAR Rechtsökonomie Smart Contracts