MiCA (Markets In Crypto Assets) Dissected - Part 1

European Parliament has finally passed the long debated and much anticipated MiCA, the comprehensive crypto assets and markets legislation on 20.04.2023. Since MiCA is a regulation rather than a directive, it will apply directly across 27 states and achieve maximum uniformity among the EU member states.

Starting with this article, we will closely scrutinize MiCA with crisp and clear elaboration over six weeks, with an article in each week dedicated to essential aspects of MiCA

1. What is MiCA?

The European Commission proposed MiCA in September 2020 as part of its digital finance strategy, aiming to establish consistency across the European Union ("EU"). MiCA is one of the first global comprehensive regulatory approaches to regulating crypto-assets.