This paper analyses the Markets in Crypto-Assets Regulation (MiCAR) as the EU’s pioneering framework for the crypto-asset market. It examines the challenges of classifying emerging assets such as NFTs and distinguishing them from traditional financial instruments, stressing the tension between economic substance and legal form. The analysis explores MiCAR’s approach to accountability in disintermediated ecosystems, with a focus on the allocation of responsibility to identifiable actors. It also reviews the provisions on market integrity, drawing parallels with the Market Abuse Regulation (MAR), and highlights the importance of technological capacity and international coordination for effective supervision. The paper concludes that MiCAR is a crucial, albeit still improvable, step toward safer digital finance, but global convergence remains highly desirable for the evolution of Web3 and the metaverse.