GREECE Trends and Developments Contributed by: Ovvadias S. Namias, Vasileios Petropoulos, Ilias Spyropoulos and Emmanouil V. Apostolakis, Ovvadias S. Namias Law Firm
• the fact that, even if the crypto-assets con - stituting the proceeds of crime are identified, the enforcement of a freezing or confiscation order by the competent judicial or administra - tive authorities may be hindered for technical reasons (eg, because the defendant’s private key for the digital wallet is not known to the authorities). The Year Ahead As mentioned above, a draft law is already in place for the Securities and Exchange Commis - sion to supervise transactions in cryptocurren - cies which will be called investment products. Moreover, the law transposing Regulation (EU) 2023/1114 (MiCA) into national legislation is already under public discussion and is expected to become part of the domestic legal order in the near future. This development will certainly have a positive impact on both the prevention and suppression of cryptocurrency fraud since the law implementing the regulation will lay down the following:
• transparency and disclosure requirements for the issuance, offering to the public and admission of crypto-assets to trading on a trading platform for crypto-assets ( “admission to trading” ) • requirements for the authorisation and super - vision of crypto-asset service providers, issu - ers of asset-referenced tokens and issuers of e-money tokens, as well as for their opera - tion, organisation and governance; • requirements for the protection of holders of crypto-assets in the issuance, offering to the public and admission to trading of crypto- assets; • requirements for the protection of clients of crypto-asset service providers; and • measures to prevent insider dealing, unlawful disclosure of inside information and market manipulation related to crypto-assets, in order to ensure the integrity of markets in crypto-assets.
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