How to understand MiCA
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The European Union’s Markets in Crypto-Assets Regulation (MiCA) is a comprehensive set of rules to allow companies to do business in cryptoassets within the EU. It comes fully into force at the end of 2024.
By some standards MiCA is the first all-encompassing regulatory framework for the cryptoasset sector among major economies. Its impact will be long-lasting and decisive both within the EU and internationally.
So it is important to understand the Regulation thoroughly in its intentions, structure, and approach.
That’s what this guide is for.
Description
This guide aims to help you understand why MiCA was written the way it was so that you and your business can better interpret the legal text for your needs.
By understanding the context that MiCA was developed in, its political background, the objectives of its drafters and the overall approach to the Regulation, you will be able to structure your thinking about the individual rules and requirements within it.
This will make it easier for you to comply with the Regulation and take advantage of it for your business.
Some of what this guide includes:
- Overview of MiCA
- Objectives of MiCA
- The context MiCA was developed in
- MiCA’s overall approach – a residual Regulation
- Principles of regulation under MiCA
- A primer on what the MiCA Recitals and Articles contain
- Role of the European Supervisory Authorities (ESAs) and ‘Levels 2 and 3’
- Implementation: NCAs, authorisation and supervision
- Sectoral regulation and CASP requirements
- Open questions and missing items
- International standards and public sector cooperation
- Links between Recitals and Articles