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ARTICLE · 05 MAY 2023

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Crypto Firms Prepare For MiCA

William Fry LLP
William Fry LLP
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William Fry LLP

William Fry LLP

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The European Parliament formally approved the proposed Regulation on Markets in Crypto-Assets (MiCA) and new legislation for tracing transfers of crypto-assets during its plenary session on 20 April 2023.

IrelandFinance and Banking
Shane Kelleher
Shane Kelleher
Louise McNabola
Louise McNabola
John O'Connor
John O'Connor
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The European Parliament formally approved the proposed Regulation on Markets in Crypto-Assets (MiCA) and new legislation for tracing transfers of crypto-assets during its plenary session on 20 April 2023.

Once formally approved by the Council of the EU, MiCA will be published in the EU's Official Journal and will enter into force 20 days later. We expect that MiCA will begin to apply in early to mid-2024. Transitional arrangements may apply to firms providing certain crypto-asset services in the EU under national laws.

The compromise text of MiCA was published in October 2022 with some changes against the original text published in September 2020.

BACKGROUND

MiCA was initially published on 24 September 2020 by the European Commission as one aspect of its Digital Finance Strategy for Europe. For further information on the initial European Commission legislative proposals on MiCA, please see our client briefing dated October 2020 here.

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