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ARTICLE · 23 OCTOBER 2023

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Updates In Relation To MiCA: ESMA Issues Clarifications

Michael Kyprianou & Co. LLC
Michael Kyprianou & Co. LLC
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On the 17th October 2023, ESMA published two documents to clarify the timeline for the Markets in Crypto Assets Regulation (MiCA) and to encourage preparations for a smoother transition...

European UnionTechnology
Christina Tifa
Christina Tifa
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On the 17th October 2023, ESMA published two documents to clarify the timeline for the Markets in Crypto Assets Regulation (MiCA) and to encourage preparations for a smoother transition towards the MiCA regulatory framework.

The updates concern obliged entities, investors and national competent authorities.

A. Timeline Clarifications and Investor Risks

Currently, MiCA is in the "implementation phase". The implementation phase shall last from the entry into force of MiCA until the date of full application in December 2024. During this period, technical standards and guidelines that specify how the new rules will apply to issuers, offerors and service providers of crypto-assets are expected from ESMA, National Competent authorities and other European Supervisory Authorities.

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