On the 30th of May 2023, the President of the European Parliament, Dr. Roberta Metsola, along with the Swedish Rural Affairs Minister Peter Kullgren, signed into law the Markets in Crypto Assets Regulation (“MiCA”). This came after the Parliament voted in favour of the Commission-proposed text in April 2023. This landmark legislation is the first harmonised law on cryptocurrencies within the European Union (“EU”).
This was signed together with a separate law which shall be preventing crypto services from being used for money laundering. This will ensure transparency by, among other provisions, limiting transfers of crypto assets over EUR 1,000, in cases where the customer cannot be identified.
Following this, the law will be published in the Official Journal of the EU and will then enter into force throughout the EU twenty days later. Once this is in place, issuers of crypto assets will have twelve (12) months to ensure compliance, while Crypto-Asset Service Providers will have eighteen (18) months to comply.
For more information on MiCA and its regulatory implications, feel free to contact us.