The European Parliament formally approved the proposed Regulation on Markets in Crypto-Assets (MiCA) and new legislation for tracing transfers of crypto-assets during its plenary session on 20 April 2023.

MiCA is intended to cover crypto-assets that are not regulated by existing financial services legislation.

Once formally approved by the Council of the EU, MiCA will be published in the EU’s Official Journal and will enter into force 20 days later. We expect that MiCA will begin to apply in early to mid-2024.

We provide an overview of MiCA, which will bring about new authorisation, transparency, operational, organisational and governance requirements and include protections for crypto-asset holders and clients of crypto-asset service providers (including consumer protection rules).

Click the image below to download our briefing.