MICA: The end of the tunnel?
6 months after being validated by the ECON* committee of the European Parliament, MICA**, the long-awaited text on the regulation of new digital assets (crypto-currencies, utility tokens, stable coins, etc.) has finally been adopted on April 20, 2023 in plenary session of Parliament.
Consequently, it will be transmitted for agreement to the European Council and in the event of an agreement, it should then be published in the official journal of the European Union in July 2023. Its date of application is scheduled 18 months after its entry into force, i.e. in January 2025 with the exception of the measures relating to stable coins, which will come into force 12 months after the entry into force, i.e. in July 2024. Unlike the Pilot Regime, a European regulation on the tokenisation of traditional assets, the MICA provisions, although reputed to relate to more risky assets, are not the subject of experiments in consultation with the industry. Therefore, some authorities such as the ECB have mentioned the interest of reflecting now on a MICA2...
* ECON: Committee on Economic and Monetary Affairs.
**MICA: Regulation on Markets In Crypto-Assets.