EU Approves Crypto Assets Regulation: An Overview Of MiCA

The Markets in Crypto-assets regulation ("MiCA" or the "Regulation") has finally become a reality following its approval by the European Council on October 5, 2022. It is expected that MiCA will be ratified and published in the Official Journal in Q1 2023 (entry into force 20 days later) with most regulations due to apply 12-18 months from its entry into force offering a substantial grace period. Once it enters into force it will establish a harmonized crypto regulatory framework at the European Union (the "EU" or the "Union") level and will become the first pan-national instrument worldwide that will lay down a regulatory framework for crypto assets issuers and crypto assets service providers as well as certain types of crypto assets in general.