The Markets in Crypto Assets Regulation (MiCA)
The Markets in Crypto-Assets Regulation (MiCA) institutes uniform EU market rules for crypto-assets. The regulation covers crypto-assets that are not currently regulated by existing financial services legislation. Key provisions for those issuing and trading crypto-assets (including asset-reference tokens and e-money tokens) cover transparency, disclosure, authorisation and supervision of transactions. The new legal framework will support market integrity and financial stability by regulating public offers of crypto-assets and by ensuring consumers are better informed about their associated risks.
MiCA Implementing Measures
The Markets in Crypto Assets Regulation (MiCA) entered into force in June 2023. The regulation includes a substantial number of Level 2 and Level 3 measures that must be developed before the entry into application of the new regime (within a 12-to-18-month deadline depending on the mandate).
During the implementation phase of MiCA, ESMA (in close cooperation with EBA, EIOPA, and the ECB) is consulting with the public on a range of technical standards that will be published sequentially in three packages. The aim is to deliver draft level 2 and 3 measures that incorporate feedback from the public as soon as possible. The date for the entry into application of the measures is subject to their adoption by the European Commission and approval by the European Parliament and the Council of the EU.
0 comments