Decision of the European Parliament: MiCAR is coming!
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On 20 April 2023, the European Parliament passed the Markets in Crypto Assets Regulation (abbreviated as MiCAR). With this, the new regulation for the unification of the regulation of crypto assets takes the (probably) last hurdle. The Council, which is now responsible, must approve the draft adopted by the Parliament before the new regulation is published in the Official Journal of the European Union.
MiCAR will enter into force 20 days after its publication in the Official Journal of the EU and, after an 18-month transition period that is expected to expire at the end of 2025, will be immediately binding in all parts throughout the Union. The set of rules, which will apply uniformly throughout the European Union, will facilitate cross-border trading in crypto assets and simplify the provision of services related to them.
We have been accompanying the process for some time now and clearly present MiCAR with regard to its various aspects in our Guide Road to MiCAR.
MiCAR will not only have a major impact on the European crypto sector, but also beyond. Not least because of its regulatory scope, multifaceted questions arise for (potential) issuers, service providers and already existing institutions that issue crypto assets or provide or would like to provide services in connection with them.
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