After several years of intense debate, during its session on 16 May 2023, the European Council finally approved the Regulation on Markets in Crypto-Assets (MiCA). The EU’s first legal framework for crypto now only requires publication in the Official Journal of the European Union, which is expected to happen any time soon. MiCA brings a substantial change to the EU regulatory landscape, creating a harmonized regime in terms of issuance and the provision of services in relation to crypto-assets, consistent with the international reach of this technology. Assuming that publication takes place shortly, an estimated timetable for MiCA’s implementation would likely see the rules on the issuance of asset-referenced tokens and e-money tokens applying from June or July 2024, while other provisions would apply from approximately December or January 2025.
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