New era of crypto regulations: MiCA and travel rule regulations published in the Official Journal, MiCA overview guide included
On 9 June 2023, EU Regulation 2023/1114 on Markets in Crypto Assets (MiCA) and EU Regulation 2023/1113 on information accompanying transfers of funds and certain crypto-assets (Travel Rule Regulation) were published in the Official Journal of the European Union.
MiCA seeks to comprehensively regulate the issuance, offering to the public, and admission to trading of crypto-assets as well as related services. These include various requirements for offering crypto-assets to the public or seeking to admit them to trading, as well as licensing requirements for crypto-asset service providers (CASPs) and issuers of e-money tokens/asset-referenced tokens (aka stablecoins).
The Travel Rule Regulation extends the so-called "travel rule" to transfers of crypto-assets, requiring CASPs to collect and verify information about the sender and beneficiary of transfers of crypto-assets which they carry out.
The provisions of MiCA will come into force on 30 December 2024, with the exception of rules on stablecoins which will come into force on 30 June 2024. The provisions of the Travel Rule Regulation will come into force on 30 December 2024.
In our legal guide (link below), we explore MiCA's objectives and attempt to bridge the gap between the upcoming regulation and industry trends and practices. Our aim is to provide you with a comprehensive overview of how MiCA will shape the industry landscape and ensure a balanced integration of regulatory requirements with evolving market dynamics.
Our legal guide can be found here.
MiCA’s publication to the Official Journal can be found here.