The EU’s Market in Crypto-Assets Regulation (MiCAR) is set to reshape the legal framework of the crypto industry. For the first time, cryptocurrencies and tokens will be subject to regulation. Issuers and service providers in the crypto-assets markets will be submitted to a comprehensive regime. Especially stringent rules will apply to stablecoins. MiCAR has every chance of becoming the new global standard. But it is equally possible that MiCAR will isolate the EU from the global crypto market and stifle further innovation. To understand why, it is necessary to delve deep into its rules and examine the Regulation’s real impact.To this end, this article provides a critical analysis of MiCAR’s provisions and an assessment of their potential consequences.