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ARTICLE · 27 MARCH 2024

MiCAR Levels 2 And 3 Measures – Where Do We Stand?

Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets ("MICAR") will enter into application...

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Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets ("MICAR") will enter into application at the following dates:

  • as of 30 June 2024, regarding its title III and title IV on issuers of assets-referenced tokens ("ARTs") and e-money tokens ("EMTs"),
  • as of 30 December 2024, regarding the other titles of MiCAR, which pertain to i.a. (i) crypto-assets other than ARTs and EMTs, (ii) the authorisation and operating conditions for crypto-asset service providers ("CASPs"), and (iii) the prevention and prohibition of market abuse involving crypto-assets.

To supplement MiCAR, European authorities are required to prepare and publish additional documentation, such as delegated acts, regulatory technical standards ("RTS"), implementing technical standards ("ITS") and guidelines (the "Additional Documentation"). They may also release questions and answers ("Q&As"), opinions, recommendations, letters and

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