Two years since the European Commission’s proposal of the MiCAR (Markets in Crypto-assets Regulation) text was first released, the European Union’s flagship regulation on crypto assets, MiCAR, has now been published in the Official Journal of the EU. The rules will impact crypto-asset issuers and service providers and its effects will be far reaching given its extraterritorial effect.
As a reminder, MiCAR is part of the EU Digital Finance Package and aims to establish a new fully harmonised EU regulatory framework regarding the proper functioning of crypto-asset markets for crypto assets not covered by existing EU financial services legislation (such as MiFID) and related activities and services at the European level.
MiCAR will now enter into force in twenty days (i.e. on 29 June 2023). Generally, the MiCAR regime will start to apply from 30 December 2024, although certain obligations on issuers will start to kick in 12 months after its entry into force (i.e. 30 June 2024).
The regulation will replace the national frameworks put in place by the various EU Member States. Our cross-border guide provides insights into how MiCAR is expected to be implemented for service providers across different Member States. This includes insights from our experts in the following jurisdictions: France, Germany, Belgium, Italy, Luxembourg, the Netherlands, Poland, Portugal, Spain and Sweden. Further detail is likely to emerge over the coming months as there is still some uncertainty about implementation measures and transition regimes in the individual jurisdictions.
Market players will have to study the new rules carefully to assess the impact on existing businesses, develop new procedures and contractual documentation, and apply for authorisation under the new licensing regimes (subscribers to our Knowledge Portal can access our webinar discussing implementation timelines and regulatory strategizing from a cross border perspective here).
Looking ahead
Should you need advice on any of these matters please do not hesitate to get in touch.
Watch out for our upcoming publications on MiCAR, which will focus more in detail on certain topics.
Further resources
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