The Regulation on Markets in Crypto-Assets (MiCAR) entry into legal force on 29th June 2023 announced European Union as regulatory leader in the area of crypto-assets on a global scale. Regulatory framework for markets in crypto-assets is being developed in various jurisdictions but none other had yet labor to produce any comparable to MiCAR. Consequently, questions of normative optimism and regulatory adequacy of such ambitious project arose. This research analyses regulatory solutions of MiCAR in its subject matter, scope, definitions, asset referenced tokens, e-money tokens and other crypto-assets. Token-centric view of the crypto sphere adopted by the MiCAR is elaborated. In that respect proclaimed ideal of technology neutrality in legislation is rejected by this research as completely inadequate for digital age. Distributed ledger technology that includes blockchain is example of the solidity of such legislative critique. The preexisting regulatory framework of the EU Law especially in markets in financial services is very much used as normative role model for crypto-assets. Inherent danger here is to disregard decentralized and global nature of crypto-assets based on blockchain technology in imposing formal regulatory requirements that will impede autonomous development of crypto networks. Other inherent danger is enforceability of such regulatory approach. Competent authorities, for example, are allowed to suspend or prohibit an offer to the public of crypto-assets or the admission of such crypto-assets to trading when such an offer to the public or admission to trading does not comply with the applicable requirements of MiCAR. However, it is not clear that such prohibitions or suspensions can be effective due to the global reach of markets in crypto-assets. The research detects and elaborates on significant areas of the relevant markets like decentralized finances that fall outside of the scope of the MiCAR and formulates conclusions of the need for future revisions in order to achieve comprehensive regulation.