MiCA, EU law of cryptocurrency market was put into consideration in the EuroParliament in March 2022, and as result, the amendment to limit PoW-based crypto assets, which would have efficiently resulted in a ban on Bitcoin, has obtained a rejection. Read on to find out what is the purpose and scope of MiCA regulation and how it will change the operation with cryptocurrencies.
The suggested legislation belongs to the digital economy program that also encompasses a proposal for a test-version system for marketplace infrastructure grounded on DLT. This rule was adopted by the EuroParliament and is due to enter force by the end of 2022. The EuroCommission has been working on the number of variants for supervising the crypto industry. At the end of the day, it did decide on the option of a full harmonized structure within the EU of the regulations enforceable to issuers and CASPs, with an EU passportization system. For stablecoin tokens, the EuroCommission has designed separate legal and regulative mechanisms alongside oversight under the law on e-funds.
The primary aim of this new regulative system is to set up rules regarding:
The new supervisory regime refers to EU-based individuals who conducts issuing cryptocoins or deliver services related to cryptocoins. Hence, MiCA does not cover:
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