Markets in crypto-assets: publication of the MiCA regulation
The European Regulation on Markets in Crypto-Assets (MiCA) was published in the Official Journal of the European Union on Friday 9 June 2023 and will enter into force on 29 June 2023
Key dates
The MiCA Regulation will be applicable from 30 December 2024, with the exception of the provisions on stablecoins (Titles III and IV of the Regulation), which will take effect from 30 June 2024.
From 30 December 2024, this harmonised European framework will replace the national frameworks in place, and will regulate:
- The public offer and admission to trading of tokens;
- The provision of crypto-asset services by service providers;
- The prevention of market abuse in crypto-assets.
After this date, crypto-asset service providers that provide crypto-asset services in the EU and that are not entitled to the transitional period described below will be subject to mandatory authorisation in order to provide their services throughout the EU. The date of 30 June 2026 will mark the end of the 18-month transitional period granted to digital asset service providers (DASPs) that have obtained "simple" registration, "enhanced" registration, or optional licensing from the Autorité des Marchés Financiers, or that provide services not subject to mandatory registration (referred to in 5° of Article L. 54-10-2 of the Monetary and Financial Code)1, before 30 December 2024. During this eighteen-month period, these entities will be able to continue offering their services solely to investors in France. From 1 July 2026, they will have to obtain MiCA authorisation in order to continue offering their services, including to investors in France.
Timetable for application of the MiCA Regulation
[ 1 ] Reception and transmission of orders for digital assets on behalf of clients, management of digital asset portfolios, digital asset underwriting, guaranteed placement of digital asset, non-guaranteed placement of digital assets.
On the same topic
