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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Paula De Biase leads the Financial Services Regulatory Department in the Madrid office. With more than 14 years' experience in financial regulation, she has advised national and international clients in various areas of the financial services sector: payment services, fund management, investment services, consumer credit and other banking and insurance services, including Fintech initiatives and other online and mobile solutions. Paula has taught Banking Law in the Master's programmes of several universities: the International Legal Consultancy degree at IE; the International Law, Foreign Trade and International Relations degree at ISDE; the Business Law degree at the Universidad de Navarra, and the Venture Capital and Entrepreneurship degree at INCARI/Rafael del Pino Foundation.