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In this article, we’ll discuss the upcoming Markets in Crypto Assets (MiCA) bill proposed by the EU Parliament. The bill aims to clarify legal definitions regarding crypto assets and provide guidance for EU businesses wishing to trade in the cryptocurrency market.
What is MiCA?
REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Markets in Crypto-assets, and amending Directive (EU) 2019/1937
It’s part of a broader digital finance package, which, inter alia, also includes the Digital Operational Resilience Act (DORA) and the DLT Pilot Regime Regulation
MiCA is expected to enter into force in 2024.
Main idea of MiCA
The idea of creating common regulations for the entire European Union is aimed at the development of crypto-assets and wider use of DLT by introducing a safe and proportionate framework to support innovation and fair competition.
The divergent frameworks, rules and interpretations of both crypto-assets and crypto-asset services throughout the Union hinder the service providers’ ability to scale up their activity at EU level.
This means that service providers of these inherently cross-border products and services are forced to familiarise themselves with several Member States’ legislations, obtain multiple national authorisations or registrations and comply with often divergent national laws, sometimes adjusting their business model throughout the Union.
A dedicated and harmonised framework should support innovation and fair competition while ensuring a high level of consumer protection and market integrity in crypto-asset markets.
MiCA – main goals
MiCA – definitions of crypto-assets world
The regulation introduces a number of definitions that allow you to organize the world of crypto-assets. The regulation contains, among others, definitions of:
MiCA – definitions of crypto-assets world
Another important definition in MiCA is the definition of a crypto-asset service provider.
Crypto-asset service provider - any person whose occupation or business is the provision of one or more crypto-asset services to third parties on a professional basis.
Crypto-asset service means any of the services and activities listed below relating to any crypto-asset:
What does MiCA mean for EU businesses?
MiCA imposes many formal and legal obligations on all market participants, which should detect potential problems and prevent potential threats.
All this should protect customers from situations such as the collapse of the Luna currency or FTX exchanges.
The application that legal persons intending to provide services in the field of crypto-assets should submit to the competent authority should include, among others:
Also what is important
Crypto-asset services shall only be provided by legal persons that have a registered office in a Member State of the Union and have been authorised as crypto-asset service providers.
An example of the documents required to obtain a license and the conditions that a company must meet shows how the European Union wants to protect customers from fraudulent companies.
But on the other hand, it will be a challenge for companies from the crypto-assets market to adapt to all formal issues.
What are the risks associated with the implementation of MiCA?
What are the opportunities offered by MiCA?
Even though MiCA has a fairly wide scope, it does not cover certain sectors of the crypto-asset markets that are very popular, such as:
Avis de non-responsabilité
Ce contenu ne constitue pas un conseil d'investissement, un conseil financier, un conseil de trading ou tout autre type de conseil et ne doit pas être considéré comme tel ; zondacrypto ne recommande pas d'acheter, de vendre ou de posséder une quelconque crypto-monnaie. Investir dans les crypto-monnaies implique un niveau de risque élevé. Il existe un risque de perte des fonds investis en raison des variations des taux de change des crypto-monnaies.