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ARTICLE · 01 MAY 2024

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What Is The Scope Of MiCA?

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The European Commission introduced the Markets in Crypto-Assets (MiCA) framework in 2020 as part of its digital finance package.

European UnionTechnology
Simon Mangion
Simon Mangion
Chanelle Meli
Chanelle Meli
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The European Commission introduced the Markets in Crypto-Assets (MiCA) framework in 2020 as part of its digital finance package. MiCA stands as the primary EU regulation governing crypto-assets, offering harmonisation across Member States. Unlike a directive, MiCA functions as a regulation, making it directly applicable without the need for national-level transposition. Malta demonstrated forward-thinking in 2018 by enacting the Virtual Financial Assets Act (Chapter 590, Laws of Malta), signalling its support for financial innovation. The Malta Financial Services Authority (MFSA) has already initiated discussions with stakeholders to ensure a smooth transition to MiCA once the VFA Act is repealed.

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