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.

Gonçalo Martins de Matos (PhD candidate in Public Legal Sciences at the School of Law of the University of Minho | Junior Researcher at JusGov | Member of the Editorial Support of this blog)

As the Hungarian legislative elections approach, we are reminded of what is at stake for the whole of the European Union (EU). Since 2010, the Hungarian State’s democratic and Rule of Law standards have backslid, turning this Eastern European State in a de facto illiberal democracy,[1] dominated by Viktor Órban and his Fidesz party. Órban’s rule has been generally uncontested, even with European institutions increasingly drawing attention to Hungary’s severe democratic decline.[2] However, his grip on the Hungarian State has been facing rising challenges, such as several infringement procedures[3] and the activation of the Rule of Law conditionality mechanism.[4] The 2024 European Parliament elections gave challenger Péter Magyar the upward momentum to hinder Órban’s illiberal agenda and shake the foundations of his firm grasp on Hungary’s legal political system.[5]

The possibility of halting or reversing Hungary’s democratic decline is exponentiated by an infringement procedure pending before the Court of Justice of the European Union (CJEU). Case C- 769/22 Commission v. Hungary[6] is currently awaiting the CJEU’s ruling. However, when the Advocate General’s Opinion was published in June 2025,[7] we soon realised that the implications may go beyond the Hungarian case and help found what has been referred to as the justiciability of Article 2 of the Treaty on European Union (TEU). In summary, the legal argument is that the values enshrined in Article 2 TEU create concrete legal obligations for the Member States. If Member States fail to fulfil those obligations, their non-compliance can be used as grounds for launching infringement procedures, well within the ordinary competences of the CJEU. If the upcoming judgment eventually adopts the justiciability argument, we may be looking at a whole new phase of the constitutionality control carried out by the CJEU, keeping alive the aspiration of a society in which pluralism, non-discrimination, tolerance, justice, solidarity and equality between women and men prevail.