EU Begins Crypto Law Countdown, Adds MiCA To Official Journal

By 2024, MiCA will standardise EU crypto asset regulation. Markets in Crypto-Assets (MiCA) legislation was issued in the OJEU on June 9. The countdown to the law’s Dec. 30, 2024 implementation begins.

The 2020 legislation, entered into law on May 31, aim to standardise crypto asset regulation throughout EU member states.

Some elements of the Act take effect six months earlier, on June 30, 2024, while the rules officially take effect 20 days after publication.

Cryptocurrency service providers and proponents praise the legislation for creating a single market in Europe for regulatory standards and operational procedures. The MiCA requires cryptocurrency issuers, exchanges, and wallet providers to register and authorise.

Stablecoin issuers and cryptocurrency custody providers must meet security and risk mitigation criteria to prevent cybersecurity and operational failures. The law also prohibits bitcoin market misuse, insider trading, and manipulation.

After the SEC took action against Binance and Coinbase, US crypto markets and operators are under pressure. Both exchanges are being sued for selling unregistered securities and failing to register as brokers.