
Ana Filipa Ribeiro (master’s student in European Union Law at the School of Law of University of Minho and ENDE Research Grant Holder – UMINHO/BIM/2026/33)
Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR)[1] is the European Union’s first comprehensive framework for crypto-assets that fall outside existing financial-services legislation,[2] designed to harmonise rules across the internal market, while pursuing objectives traditionally associated with public regulation, including investor and consumer protection, market integrity and financial stability.[3] MiCAR does so in large part by placing crypto-asset service providers (CASPs) at the centre of its governance architecture. A CASP[4] is a legal person or other undertaking that is authorised and supervised as an intermediary that provides one or more crypto-asset services to clients on a professional basis, including custody and administration of crypto-assets, operation of trading platforms, exchange, execution of orders and transfers on behalf of clients.[5] In practice, CASPs set and enforce platform rules, monitor activity, restrict access, freeze, or limit the movement of assets, suspend trading and delist tokens, often in real time and on the basis of risk assessments that combine regulatory obligations and internal policies.[6] It is therefore plausible to say that these entities go beyond acting as technical conduits and participate in a form of private ordering with structurally quasi-public effects, a claim developed below.
Because CASPs control the infrastructure through which most users access crypto markets, their decisions can function as immediate constraints on market access and on effective enjoyment of asset-related interests. Crucially, these decisions often give rise to dispute’s origin, by unilaterally altering a client’s position through measures such as freezing assets, restricting transfers, suspending trading, or delisting a token.[7] The resulting conflict is then typically channelled into an internal process designed and administered by the CASP itself, with the provider acting simultaneously as rule-maker, investigator, decision-maker, and initial reviewer.[8] This concentration of functions is a familiar source of legitimacy concerns in public governance, yet it has received limited conceptual attention in the MiCAR context.
Continue reading “Quasi-public powers in private crypto governance: a question of legitimacy”








