Home stretch for MiCA

11/10/2022

The MiCA draft regulation was adopted on October 10 by the European Parliament's Economic Affairs Committee (28 votes for, 1 against) after being validated on October 5 by the European Council.

The text must now be approved in plenary session of Parliament and then translated by lawyers and linguists, its publication in the official journal of the European Union is expected for the beginning of 2023 with entry into force 20 days after this publication. The provisions of MiCA must enter into application 18 months at the latest after the entry into force (i.e. Q3 2024) with the exception of the provisions relating to Asset-Referenced tokens and E-money tokens which must be effective 12 months after entry into force (i.e. Q1 2024).

Contrary to the French law which allowed crypto-asset service providers to request a simple registration instead of a full agreement, MiCA only provides for an agreement procedure, knowing, however, that this agreement will allow crypto-asset service providers to operate in the whole European Union.

Head of Knowledge Management Strategy and Market Infrastructure - SGSS