MiCAR Is Here: What Should Luxembourg Virtual Asset Service Providers Be Aware Of?

The Markets in Crypto-Assets Regulation (EU) 2023/1114 (MiCAR), adopted in June 2023, officially entered into force on 30 June 2024 as regards entities wishing to commence activities (notably, offer and/or admit to trading) in relation to crypto-assets qualifying as asset-referenced tokens (ARTs) and/or e-money tokens (EMTs). MiCAR will become fully applicable on 30 December 2024 and will disrupt the current status of virtual asset service providers (VASPs) registered with the Commission de Surveillance du Secteur Financier (CSSF) and operating in Luxembourg under the Luxembourg Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended (AML Law).