The MICA Regulation Begins To Apply

The Markets in Crypto-Assets Regulation ("The MiCA Regulation") adopted last year will begin to apply in full in 2024. The purpose of the Regulation is take advantage of the positive impact of crypto-assets on the financial markets while at the same time addressing any risks to financial stability that may arise.

The definition of a crypto-asset is in line with the definition previously used in international collaborations, in other words a digital representation of a value or a right that can be transferred and stored electronically using distributed ledger or similar technology. Two specific types of crypto-assets are also defined: asset-referenced tokens and e-money tokens. An e-money token is a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency. An asset-referenced token, on the other hand, is a type of crypto-asset that is not an e-money token and that purports to maintain a stable value by