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European Union’s MiCA Regulation Added to Official Journal as Countdown to Implementation Begins

9 June 2023
in Latest News, News
Reading Time: 3 mins read
103 7
Home News Latest News

The European Union’s Markets in Crypto-Assets (MiCA) Regulation, designed to establish a consistent regulatory framework for crypto assets across member states, has been published in the Official Journal of the European Union (OJEU) on June 9, 2023.

The regulations were initially introduced in 2020 and ratified on May 31, 2023. While the regulations technically take effect 20 days after their publication, the practical implementation of the MiCA Regulation will commence on December 30, 2024. Notably, certain provisions of the legislation will come into effect six months earlier, specifically on June 30, 2024.

The MiCA Regulation has received praise from cryptocurrency service providers and advocates for its aim to establish a standardized regulatory environment across Europe, incorporating consistent requirements and operational procedures.

Some of the key components of the MiCA Act include registration and authorization requirements for cryptocurrency issuers, exchanges, and wallet providers, which hold significant importance within the regulatory framework. Cryptocurrency custody providers are required to implement robust security measures to address cybersecurity risks and operational failures. Additionally, stablecoin issuers must adhere to specific security standards and risk mitigation practices.

In addition to establishing a consistent framework, the MiCA Regulation also provides a framework to combat insider trading, market manipulation, and other illicit activities within the cryptocurrency sector.

With the implementation of the MiCA Regulation, the European Union takes a proactive approach to regulating and fostering the growth of the crypto asset market, providing clarity and legal certainty to market participants.

In a statement issued just before the signing of the Markets in Crypto-Assets (MiCA) regulations, the European Securities and Markets Authority (ESMA) emphasized the importance of investment firms informing their clients about the regulatory status of the products they offer. The financial regulatory agency of the European Union specifically addressed the issue of crypto assets and cautioned businesses that despite ongoing legal improvements, many countries currently lack proper oversight for crypto assets.

Meanwhile, in the United States, cryptocurrency markets and operators are facing increased scrutiny and pressure following enforcement actions taken by the Securities and Exchange Commission (SEC) against major exchanges like Coinbase and Binance. Both exchanges are currently being sued for various violations, including failure to register as licensed brokers and offering unregistered securities.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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