Proposal For Level II Rules For Crypto-Assets

EBA proposes level II regulation package

The European Banking Authority (EBA) has published a proposed level II regulation package including several regulatory technical standards and guidelines (RTSs) under Regulation (EU) No 2023/1114 on Markets in Crypto Assets (MiCA). The proposed technical standards will be submitted to the Commission for endorsement, following which they will be subject to scrutiny by the European Parliament and the Council, before coming into effect (as amended).

MiCA will enter into force in the EU, partly on 30 June 2024 and in its entirety on 30 June 2024. It will regulate providers of crypto-asset services and issuers of cryptocurrencies, covering a wide range of new definitions, digital currencies, tokens, and financial operators in the market, which necessitates regulatory guidance.