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ARTICLE · 21 JUNE 2023

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Regulation Of Crypto-assets Becomes Law

Dillon Eustace
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On 9 June 2023, Regulation (EU) 2023/1114 on markets in crypto assets (MiCA) and Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets...

European UnionTechnology
Keith Waine
Keith Waine
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On 9 June 2023, Regulation (EU) 2023/1114 on markets in crypto assets (MiCA) and Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets (the Recast Funds Transfer Regulation) were published in the Official Journal of the European Union.

The regulations will enter into force on 29 June 2023 giving effect to a new regulatory regime for crypto-assets across the European Union.

A first step towards a regulated crypto industry

MiCA introduces a supervisory regime for issuers of crypto-assets and crypto-asset service providers (CASPs). Whilst ambitious in intent and contrasting with the current approach of the regulators in U.S., the new regime is relatively narrow in scope.

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