The European Union’s (EU) Crypto-Assets Market Regulation Act (MiCA) was published in the Official Journal of the EU on June 9, marking steady progress towards the entry into force of ground-breaking crypto-assets (virtual currency) licensing rules.
The law, which was announced alongside related legislation, requires crypto wallet providers to identify their customers when transferring funds, and grants crypto firms, such as exchanges and wallet providers, a license to operate across the European Union. offering, introducing new governance and financial requirements for stablecoin issuers.
On the other hand, in the United States, the Securities and Exchange Commission (SEC) has filed a lawsuit alleging that tokens traded on the Binance and Coinbase platforms fall under the category of regulated financial products, and cryptocurrency operators are facing serious problems. facing certainty.
The release of the 200-plus page law marks the formal inclusion of the law in the EU’s legal compendium. Legally, the two laws will enter into force within 20 days and their provisions will apply from December 30, 2024, although some provisions will apply slightly earlier, on June 30, 2024.
The outline of the law was politically agreed in June last year, but the need to translate the final text into many of the EU’s official languages has delayed formal agreement.
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: EU’s Landmark Crypto Law MiCA Published in Official Journal
