Cogs Start Turning On MiCAR Implementation

MiCAR is Approaching Enforceability Next Year, as Industry Stakeholders Prepare

MICAR

In 2024, MiCA starts becoming enforceable across the EU, establishing it as a first mover in crypto legislation. The move has even garnered praise from the likes of Coinbase, in an industry that has often been wary of government intervention.

On October 17th, the EU's financial regulator, the European Securities and Markets Authority (ESMA), sent out a letter to regulators and industry stakeholders alike, calling on them to begin preparing for this transition. "To ensure a timely and orderly transition toward MiCA, ESMA encourages market participants to make adequate preparations that will reduce the risk of disruptive business model adjustments," the letter said. ESMA advised that these preparations should also involve early dialogue between entities currently providing crypto-asset services in the EU. In addition, the relevant competent authorities of the jurisdictions in