This report by Observatoire ARGA and ARGA Atlas examines how crypto-asset regulation, disclosure requirements and market-abuse rules are becoming not only matters of financial supervision, but also a distinct field of legal protection. Particular attention is given to Regulation (EU) 2023/1114 on Markets in Crypto-Assets — MiCA — and to the legal risks faced by issuers, service providers, investors, token holders and parties involved in cross-border disputes.

The authors show that in the new regulatory environment, legal significance attaches not only to financial indicators, but also to crypto-asset white papers, marketing communications, technical reports, blockchain data, reserve disclosures, governance structures and trading patterns. Errors, omissions or one-sided interpretations of such information may lead to refusal of listing, delisting, transaction restrictions, regulatory investigations, civil liability, criminal-law risks and reputational harm.

The report identifies key risks: formal acceptance of digital data as objective evidence, incomplete disclosure, broad interpretation of market-manipulation rules, concentration of decision-making power in platforms and analytics providers, cross-border spread of negative information and persistence of an adverse profile even after issues have been addressed.

The report’s central conclusion is that crypto-market regulation requires not only knowledge of MiCA rules, but also critical assessment of digital evidence, technical reports, market conduct and the proportionality of restrictions. Effective defense must combine financial regulation, technological analysis, procedural safeguards and international human rights standards.