ARTICLE · 26 OCTOBER 2023

Crypto Regulation In Europe: ESMA Statement Clarifies Process For The Transition To MiCA

Goodwin Procter LLP

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On 17 October 2023, the European Securities and Markets Authority (ESMA) published a statement (the Statement) clarifying the timeline for implementation of the Regulation on Markets in Cryptoassets ((EU)...

European UnionTechnology

Andrew Henderson

Sebastian Bruchwitz

Sebastian Seeger

Philip Spilberg

Florian Brandelong

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On 17 October 2023, the European Securities and Markets Authority (ESMA) published a statement (the Statement) clarifying the timeline for implementation of the Regulation on Markets in Cryptoassets ((EU) 2023/1114) (MiCA) and encouraging market participants and EU member state national competent authorities (NCAs) to begin preparation for the transition to MiCA.

The Statement discusses how the implementation procedure will affect, and can be aided by the cooperation of, issuers, crypto-asset service providers (CASPs), NCAs, holders of crypto-assets, and clients of CASPs.

The Statement preceded the latest set of consultations on the regulatory technical standards (RTS) under MICA on 19 October 2023 (which close on 22 January 2024):

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