The EU has passed the Markets in Crypto-Assets (MiCA) regulation which covers issuers of unbacked crypto-assets, so-called “stablecoins”, as well as the trading venues and the wallets where crypto-assets are held². Once it comes into force, MiCA will be the most important piece of crypto regulation the EU has seen¹. Here are some of the key takeaways ZealiD sees in the upcoming regulation:
- Crypto services = financial services
- Much like the payment services directive, MiCA treats crypto services as financial services.
- The regulation will require issuers of stablecoins to be authorised and supervised by a national competent authority.
- The regulation will require issuers of asset-referenced tokens to be authorised and supervised by a national competent authority.
- The regulation will require issuers of e-money tokens to be authorised and supervised by a national competent authority.
- The regulation will require issuers of utility tokens to provide a white paper with certain minimum content requirements.
- The regulation will require issuers of asset-referenced tokens to provide a prospectus with certain minimum content requirements¹.
The MiCA enforcement period will begin in June 2023, after completing a few remaining administrative formalities¹.
Source: Conversation with Bing, 5/25/2023
(1) Everything you need to know about the EU MiCA regulation on …. https://www.cryptopolitan.com/everything-you-need-to-know-about-eu-mica-regulation/.
(2) Digital finance: Council adopts new rules on markets in crypto-assets …. https://www.consilium.europa.eu/en/press/press-releases/2023/05/16/digital-finance-council-adopts-new-rules-on-markets-in-crypto-assets-mica/.
(3) Texts adopted – Markets in Crypto-assets (MiCa) – Thursday, 20 April 2023. https://www.europarl.europa.eu/doceo/document/TA-9-2023-0117_EN.html.
(4) Digital finance: agreement reached on European crypto-assets regulation …. https://www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-european-crypto-assets-regulation-mica/.
Source: Conversation with Bing, 5/25/2023
(1) Digital finance: agreement reached on European crypto-assets regulation …. https://www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-european-crypto-assets-regulation-mica/.
(2) 5 key takeaways for Crypto companies facing the EU MICA regulation – ZealiD. https://www.zealid.com/en/blog/5-key-takeaways-for-crypto-companies-facing-the-eu-mica-regulation.
(3) Markets in crypto-assets (MiCA) | Think Tank | European Parliament. https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI%282022%29739221.
(4) Digital finance: Council adopts new rules on markets in crypto-assets …. https://www.consilium.europa.eu/en/press/press-releases/2023/05/16/digital-finance-council-adopts-new-rules-on-markets-in-crypto-assets-mica/.