Vienna 2.0

The Vienna 2.0 DARTE session took place on September 10th, 2025, at Central European University in collaboration with the European Commission, Project Catalyst, Bitpanda, Bybit, and DLT Austria. This high-level roundtable examined emerging challenges under MiCAR, with a particular focus on market abuse, asset classification, and cross-regulatory coherence.

The session featured three expert-led discussions: Philipp Bohrn (Bitpanda) explored the complexities of insider information disclosure and the regulatory limits of social media; Georg Harer (Bybit) unpacked the classification challenges posed by decentralized assets like liquid staking tokens; and Giti Said (Arweave) addressed the overlapping enforcement risks between MiCAR and MAR, using crypto-derivatives as a case study.

The Vienna 2.0 edition continued DARTE’s mission to build legal clarity around crypto-asset regulation in Europe, shedding light on grey zones in enforcement, jurisdictional fragmentation, and the need for practical, industry-driven compliance tools.

Download the Report

Disclosure of Inside Information & Challenges of Social Media

Call to Actions

This session focused on the obligations set out in Article 88 MiCAR, which requires issuers of crypto-assets to disclose inside information “without delay.” Participants discussed the inadequacy of current crypto communication channels, such as X (formerly Twitter), Telegram, and Discord, for meeting these legal standards. Unlike traditional financial markets, where disclosures are made via time-stamped and structured systems (e.g., Bloomberg or stock exchanges), crypto relies on fragmented and untagged platforms, which complicates surveillance and enforcement. The group emphasized that these limitations undermine legal certainty and market integrity, and proposed solutions grounded in both regulatory and technological innovation.

Classification Challenges of Decentralized Assets under MiCAR

This session addressed the difficulty of classifying decentralized crypto-assets, such as Liquid Staking Tokens (LSTs), within MiCAR, MiFID II, or AIFMD frameworks. Participants explained how these assets often lack identifiable issuers, redemption mechanisms, or centralized governance, making them incompatible with existing legal categories such as Asset-Referenced Tokens (ARTs) or financial instruments. Regulatory inconsistencies between Member States were also flagged, with Italy noted as a rare example of a jurisdiction that substantively reviews whitepapers, offering greater clarity to CASPs. The discussion highlighted the urgent need for a classification tool to reduce liability risk and regulatory fragmentation.

Create an open-access EU disclosure platform: Ensure structured, time-stamped, and accessible disclosures through a unified open-access infrastructure.
Standardize tagging across all channels: Introduce an “Article 88” tag to enable traceable, verifiable disclosures across social media and digital platforms.
Set clear EU-wide disclosure timelines: Clarify the vague “as soon as possible” rule by adopting strict, harmonized timing and content standards.

Call to Actions

Develop a cross-sector token taxonomy tool, led by a joint working group of academics and industry, to be validated and submitted via ESMA’s Q&A mechanism.
Define enhanced whitepaper disclosure standards for decentralized assets, where CASPs, not issuers, provide transparency on technical risks and governance.

Overlap in Market Abuse Provisions: MiCAR & MAR

This session examined the growing legal uncertainty where market abuse regulations under MiCAR and MAR may apply to the same conduct, particularly in the context of crypto derivatives. Participants highlighted how trading the same asset in spot (covered by MiCAR) and derivative form (covered by MAR) could trigger parallel investigations and sanctions, potentially violating the legal principle of ne bis in idem. The group emphasized that SMEs are especially exposed, as many remain unaware of this overlap and lack the capacity to implement dual compliance systems. The discussion called for harmonized enforcement strategies and a proportionate approach to compliance for smaller actors.

Call to Action

Develop proportionate compliance frameworks for SMEs and market participants, including tailored education and simplified disclosure models.
Promote holistic enforcement approaches that treat overlapping conduct under MiCAR and MAR as a single offense, avoiding duplicate sanctions.