The Markets in Crypto-Assets ("MiCA") Regulation was officially inscribed into the Official Journal of the European Union on 9 June 2023, setting the stage for a fresh and cohesive approach to crypto-asset governance across all member states. The MiCA Regulation will enter into force on the 20th day post its official publication.
Significantly, the rules concerning e-money tokens and asset-referenced tokens will be effectuated 12 months after the enforcement of the regulation. This infers that respective provisions will be functional from 30 June 2024.
Meanwhile, the remaining provisions, particularly those regulating crypto-asset service providers, will be applied 18 months following the enforcement of the regulation. The appointed date for applying these provisions is thus slated for 30 December 2024.
Notably, by 30 June 2024, the European Banking Authority ("EBA") is expected to create draft regulatory technical standards. These will lay down standard forms, templates, and processes for cooperation and information exchange among competent authorities.
Additionally, the EBA will release guidelines stipulating the criteria and factors that crypto-asset service providers ought to take into account when undertaking risk assessments and mitigation measures.
The MiCA will officially stand as the premier pan-national instrument globally to establish a harmonized crypto regulatory framework at the EU level from 30 June 2023. It will supersede existing domestic laws, bringing uniformity to all national legislation regarding crypto assets and related activities. More about the MiCA timeline here.
For a more comprehensive understanding of the MiCA Regulation and its implications, Prokopiev Law Group has compiled a wealth of useful information: General MiCA overview from our authors:
Detailed analysis:
In light of the upcoming MiCA Regulation, the team at Prokopiev Law Group is prepared to guide clients through the complexities of this new regulatory landscape. We will ensure your smooth transition to comply with these new standards. Count on Prokopiev Law Group to keep you at the forefront of the EU's digital asset services regulation.
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