Doing Crypto Business In Europe: MiCAR, The EU's New Uniform Crypto Code – Part 2

As noted in our previous Marketing Crypto-Assets in and Into Europe: MiCAR, the EU's New Uniform Crypto Code, the European Union (EU) Markets in Crypto-Assets Regulation (MiCAR) was published in the Official Journal of the European Union on 9 June 2023. MiCAR is a major step toward an EU-wide uniform code governing crypto-assets, such as BTC, ETH, and stablecoins.

Although MiCAR came into force on 29 June 2023, there is a period of time before its provisions come into effect:

• The provisions governing certain stablecoins will apply from 30 June 2024.
• The provisions governing the remaining crypto-assets will apply from 30 December 2024.

There is, therefore, one year and 18 months, respectively, to achieve compliance with MiCAR.