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ARTICLE · 06 NOVEMBER 2023

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MICA Update: Second Consultation Packages From ESMA And The EBA

William Fry LLP
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William Fry LLP

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William Fry's Financial Regulation and Fintech teams examine the second round of draft Markets in Crypto-Assets Regulation (MiCA) Level 2 and Level 3 measures...

European UnionTechnology
Shane Kelleher
Shane Kelleher
Louise McNabola
Louise McNabola
John O'Connor
John O'Connor
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William Fry's Financial Regulation and Fintech teams examine the second round of draft Markets in Crypto-Assets Regulation (MiCA) Level 2 and Level 3 measures separately published by ESMA and the EBA in October 2023.

As a regulation, MiCA is a directly effective European Union Level 1 legislative measure which will introduce and harmonise the EU regulatory framework for crypto-assets and crypto-asset service providers (CASPs) not otherwise captured under existing EU financial services regimes.

MiCA requires many Level 2 and Level 3 EU legislative measures such as Regulatory Technical Standards (RTS), Implementing Technical Standards (ITS) and Guidelines under the new regime.

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