MiCA Voted - Get Ready For New EU Regulation On Crypto-Assets Markets!

The EU regulation on markets in crypto-assets ("MiCA"), a key component of the EU Commission's Digital Finance Package, was adopted by the EU Parliament on 20 April 2023.

Once it is endorsed by the Council of the EU (expected in the coming weeks), it will be the first EU-wide comprehensive regulation on crypto-assets.

This is a significant and welcome development, benefiting both (i) service providers by introducing a clear legal framework with passporting rights and facilitating a level playing field, and (ii) service users by introducing several protective rules.

1. Luxembourg's existing legislative and regulatory landscape for crypto-assets

The current Luxembourg legal and regulatory regime does not ignore crypto-assets, quite the reverse.