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ARTICLE · 30 MAY 2023

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The Beginning Of Crypto-Regulation: The Formal Adoption MiCA

Michael Kyprianou & Co. LLC
Michael Kyprianou & Co. LLC
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On Monday May 16 2023, the European Council formally adopted the regulation on markets in crypto-assets (referred to as ‘'MiCA''), officially marking the beginning...

CyprusTechnology
Christina Tifa
Christina Tifa
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On Monday May 16 2023, the European Council formally adopted the regulation on markets in crypto-assets (referred to as ''MiCA''), officially marking the beginning of regulating crypto-assets by providing a harmonised EU-wide regulatory framework for crypto-asset regulation.

The aim of the new framework is, inter alia, to increase investor protection, create legal and regulatory certainty, preserving financial stability while allowing innovation and fostering the attractiveness of the crypto-asset sector.

  1. Key Dates

Monday's formal adoption of MiCA was the final step in the legislative process. MiCA is anticipated to enter into force 20 days after its publication in the Official Journal of the EU which is expected to occur soon. Rules on stablecoins are anticipated to apply 12 months thereafter (adoption + 20 days + 12 months) while all other rules are anticipated to start applying 18 months thereafter (adoption + 20 days + 18 months).

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