The Markets in Crypto Assets law (MiCA) of the European Union was published in the Official Journal of the European Union (OJEU) on Friday. This means that the countdown for the implementation of the historic crypto licensing regulations has begun.
A Groundbreaking Moment for the EU: MiCA Published in the Official Journal
The full law, published in conjunction with the relevant legislation, introduces the following requirements:
- Crypto wallet providers must identify their customers when they transfer funds
- Crypto companies such as exchanges and wallet providers should be licensed to operate across the block
- New governance and financial requirements for stablecoin issuers
As a result of the Securities and Exchange Commission suing Binance and Coinbase (COIN) on the grounds that the tokens exchanged on their platforms qualify as regulated financial products, crypto operators in the United States currently face a great deal of uncertainty. This led to the publication of MiCA in the official newspaper.
When will the Law Come into Force?
The 200-or-so-page law’s publication signifies a bill’s formal entry into the EU’s statute book. Legally, the two laws go into effect in 20 days. The majority of their provisions take effect on December 30, 2024, although a few start a little sooner, on June 30, 2024.
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