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ARTICLE · 24 MAY 2023

MiCA – Landmark Crypto Regulation Approved By EU Parliament

Finance Malta
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On 20th April 2023, the European Parliament gave its final blessing to the new Markets in Crypto-Assets Regulation ("MiCA").

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Introduction

On 20th April 2023, the European Parliament gave its final blessing to the new Markets in Crypto-Assets Regulation ("MiCA").

MiCA forms part of the EU's broader digital financial package, which includes the Digital Operational Resilience Act and the Pilot Regime on Distributed Ledger Technology. The package aims to embrace innovation and the use of new financial technologies, while ensuring consumer protection and financial stability across the EU.

The Scope of MiCA

MiCA is the first, harmonised EU framework governing crypto-assets. As a regulation (and not a directive), MiCA will be directly applicable across Member States – including Malta – without the need for transposition at a national level. In 2018, Malta had enacted the Virtual Financial Assets Act (Chapter 590, Laws of Malta) ("VFA Act") – which evidences the jurisdiction's foresight and willingness to support financial innovation. The Malta Financial Services Authority ("MFSA") has

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