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It should be noted that these types of delays are common, and translating MiCA into the 24 official EU languages has always been a challenge.
If the vote goes ahead in April, then we would expect the rules to apply around May 2024 for stablecoin issuers and November of that year for crypto-asset service providers (CASPs).
EU-level legislation proposes regulations for CASPs and applies to the issuance, public offering or acceptance of digital assets within the block. It aims to create a consistent regulatory framework for cryptoassets across EU member states.
CASPs in Europe will face extensive compliance requirements as a result of MiCA, designed to improve transparency around their operations, minimize the potential for market contagion and reduce risks for users.
It should be noted that this slight delay should no prevent your compliance team from preparing for the coming changes.
MiCA is a large piece of EU law that will take time for firms to adopt and understand. We at Elliptic’s GPRG team are always happy to communicate with clients about our understanding of these and other crypto-related regulations. Email mark.aruliah@elliptic.co.
Regulation EMEA Regulators and Government
