In a quick update of our previous article on Markets in Crypto Assets Act (MiCA).we now understand that the EU Parliament intends to vote on this in plenary in February 2023, not December 2022 as we originally expected. This type of delay is not uncommon, as the EU must translate a legislative document into the various European languages ​​represented in the bloc.
What does this mean?
couple of points:
The MiCA text may not be final, as political parties will still be able to table last-minute amendments in plenary. However, there is a bigger obstacle for it to be accepted and voted on.
As we wrote earlier, MiCA becomes a European law 20 days after it is entered in the Official Gazette (OJ). Normally, entry into the OJ would take place at the next available plenary session after plenary vote. Therefore, we now consider that:
Obligations for asset and e-money token issuers will come into effect in March/April 2024 – so 12 months after entry into force.
Most of the MiCA obligations relevant to cryptoasset service providers (CASPs) will become applicable in September/October 2024 – so 18 months after entry into force.
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.
Compliance with Financial Services Regulations
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