EU Markets in Crypto-Assets (MiCA) Regulation

The European Union's Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114 - MiCAR), which entered into force in June 2023 and will be fully applicable from the end of December 2024. It establishes a robust regulatory environment for crypto-assets across the EU and outlines a harmonized licensing regime for both issuers of crypto-assets and crypto-asset service providers in the EU-wide market. MiCAR sets consistent requirements for the offering and trading of crypto-assets by focusing on some key issues such as transparency, disclosure, authorisation, and establishes precise rules for the operation of CASPs. MiCAR covers a wide range of crypto-assets but specifically excludes those already regulated by existing regulations such as securities and e-money.