The article is dedicated to the examination from a theoretical and normativeperspective of the Proposal for a EU Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937 („MiCA Regulation”). MiCA Regulation will replace existing European Union Member States’ legislation applicable to cryptoassets, which are not covered by the EU existing legislation on financial services.

The study is dedicated to the examination from a normative, theoretical andtechnical perspective of companies’ fi nancing using crypto-assets (tokens andstablecoins), distributed ledger technology (DLT) and blockchain, representinga viable alternative to traditional financing methods. The sale of tokens (utilitytokens, security tokens) in exchange for fiduciary currency or other crypto-assets (including stablecoins) is...