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ARTICLE · 19 JUNE 2024

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MiCAR: EU Level 2 And 3 Measures Move Forward

William Fry LLP
William Fry LLP
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William Fry LLP

William Fry LLP

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As the Regulation on Markets in Crypto Assets (MiCAR) approaches its first major implementation milestone (on 30 June 2024, when relevant provisions on stablecoins begin to apply)...

IrelandFinance and Banking
Shane Kelleher
Shane Kelleher
Louise McNabola
Louise McNabola
John O'Connor
John O'Connor
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As the Regulation on Markets in Crypto Assets (MiCAR) approaches its first major implementation milestone (on 30 June 2024, when relevant provisions on stablecoins begin to apply), William Fry's Financial Regulation team examines some recent updates regarding Level 2 and Level 3 measures under MiCAR.

As a regulation, MiCAR is a directly effective EU Level 1 legislative measure which will introduce and harmonise the EU regulatory framework for issuers and offerors of crypto-assets and crypto-asset service providers (CASPs), not otherwise captured under existing EU financial services regimes.

MiCAR implementation requires many EU Level 2 legislative measures such as Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS), and EU Level 3 measures (Guidelines).

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