The European Commission expects the Markets in Crypto Assets Regulation (‘MiCA’) implementation to happen within the next four years. There is no actual timeframe for this proposed legislation to be put through the complex EU process before it becomes law. This is what we are being informed.
This legislation was first introduced in September 2020 as part of the EC’s Digital Finance Package, aiming to regulate cryptocurrencies throughout the EU by 2024. Once adopted, the MiCA Regulation will apply across all the EU Member States, including Malta.
MiCA aims to create an EU regulatory framework for crypto-assets that currently fall outside existing financial services legislation. It will introduce licensing and conduct of business requirements and a market abuse regime concerning crypto assets.
What are the MiCA’s regulatory objectives?
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