Abstract

The spread of crypto-assets as a form of financial investment raises the need to protect the market integrity and investor confidence while considering the peculiarities of the digital ecosystem (smart contracts, digital wallets, cryptographic keys, etc.). According to several empirical studies, DLT may facilitate the consummation of manipulative conducts that are entirely new as to the nature of the wrongdoers and the abusive behaviors. The Article analyzes the main features of the legal framework set out in the Draft Regulation on Markets in Crypto-assets (MiCAR). In doing so, it emphasizes the novelty of the concept of «digital» inside information and the need to reconstruct its operational content by abandoning any reference to the notion of «reasonable investor» provided by MAR.