Should crypto-assets be covered by Regulation (EU) 596/2014?

In the current regulatory landscape, the question arises: should crypto-assets be encompassed within the scope of Regulation (EU) 596/2014? This regulation, known as the Market Abuse Regulation (MAR), aims to ensure the integrity of financial markets in the European Union by prohibiting market manipulation and insider trading. However, the rapid emergence and evolution of crypto-assets have left a regulatory gray area. On one hand, crypto-assets are increasingly being used for trading and investment, mirroring traditional financial instruments. On the other hand, their decentralized nature and reliance on blockchain technology pose unique challenges to traditional regulatory frameworks. Therefore, the question begs: does MAR's scope need to be expanded to include crypto-assets? What are the potential benefits and risks of such a move? And how can regulators strike a balance between protecting investors and fostering innovation in the crypto-asset space?