Today, June 29, 2023, is an important day for digital finance in the European Union - the MiCA Regulation comes into force but will start to apply by the 30th of December 2024.
MICA’s goal is to ensure greater transparency, safety, and investor protection in the crypto assets market in the European Union.
MiCA defines and sets requirements for the public offering and admission to trading of the following crypto assets:
• "ETM" payment tokens
• asset-referenced tokens "ART"
• tokens that are not ETM or ART, including utility tokens
MiCA also introduces:
• uniform definitions of terms related to crypto assets
• obligations on crypto assets service providers (CASPs) in particular the
• obligation to obtain authorization, or related to risk management, customer protection, transaction reporting, etc.
obligations to apply appropriate measures to protect investors from fraudulent practices.
LEXcellence has undertaken an analysis of the text of MiCA. Please feel free to read and download our summary – attached is the the document to download.