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ARTICLE · 15 JULY 2022

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MiCA And Central Bank Feedback On VASP Registrations

Maples Group
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As the popularity of virtual assets and cryptocurrencies increases for both retail and professional investors, the European Council recently reached provisional agreement on the Markets in Crypto-Assets Regulation...

IrelandTechnology
Stephen Carty
Stephen Carty
Lorna Smith
Lorna Smith
Philip Keegan
Philip Keegan
Alison Gibney
Alison Gibney
Michelle Barry
Michelle Barry
Johan Terblanche
Johan Terblanche
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As the popularity of virtual assets and cryptocurrencies increases for both retail and professional investors, the European Council recently reached provisional agreement on the Markets in Crypto-Assets Regulation ("MiCA"). MiCA aims to increase investor protection and improve financial stability, without stifling innovation in the crypto-asset sector.

In this update, we consider a number of aspects of MiCA, including timeline for implementation, the key aspects of the proposal and how the legislation will impact operators in the crypto-sphere.

Anticipated Timeline

The initial proposal for MiCA was made on 24 September 2020 as a part of a wider EU digital finance package. The negotiation period for MiCA began on 24 November 2021 and the final period of negotiation between the European Trilogue, started on 31 March 2022, has ended on 30 June 2022.

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