coinspress.com
The MiCA law, known as the Markets in Crypto Assets law, was recently published in the Official Journal of the European Union (OJEU), marking an important milestone for the implementation of groundbreaking regulations concerning cryptocurrency licensing.
This comprehensive legislation mandates that crypto wallet providers verify their customers’ identities during fund transfers.
It also offers a license to operate across the European Union to cryptocurrency companies, including exchanges and wallet providers, while introducing new financial and governance requirements for issuers of stablecoins.
Meanwhile, the regulatory landscape for crypto operators remains uncertain in the United States.
The Securities and Exchange Commission has taken legal action against prominent platforms like Binance and Coinbase (COIN), alleging that the tokens traded on these platforms fall under the category of regulated financial instruments.
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The publication of the extensive law, which spans over 200 pages, signifies its official inclusion in the EU’s statute book.
The laws will come into effect in 20 days, with the provisions applying from December 30, 2024. Some specific provisions will take effect slightly earlier, starting from June 30, 2024.
While the political framework for these laws was established in June of the previous year, the final agreement faced several delays due to translating the text into the EU’s multiple official languages.