Once in force, MiCA will establish the first comprehensive, pan-EU regulatory regime for the regulation of cryptoassets, including the regulation of (i) cryptoassets issuance activities and (ii) cryptoasset service providers (who will be held to similar regulatory standards to those imposed on investment firms). The European Parliament vote on the text, originally expected to take place in December 2022, will now not take place until February 2023. That is expected to result in a delay to the entry into force of MiCA whilst also giving those interested in this area more time to study the detail of the 380-page text.
In this briefing, we highlight MiCA's main provisions and some of the key changes coming out of the compromise text when compared with earlier versions.
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