The European Union's Markets in Crypto Assets law (MiCA) was officially published in the Official Journal of the European Union (OJEU) on Friday, marking the beginning of a countdown for the implementation of groundbreaking crypto licensing regulations.
MiCA, which introduces a harmonized regulatory framework in the EU, aims to protect investors, preserve financial stability, while allowing innovation and fostering the attractiveness of the crypto-asset sector. The new rules cover issuers of utility tokens, asset referenced tokens and stablecoins, as well as crypto service providers such as exchanges and wallet providers.
The publication of this extensive legislation, consisting of approximately 200 pages, signifies the formal approval of the bill within the EU's legal framework. According to the legal timeline, the laws will come into force in 20 days, and their provisions will apply from December 30, 2024.