The Official Journal of the European Union published on Friday the European Union’s landmark Markets in Crypto Assets (MiCA) law, stating that the regulation would enter into force in 20 days from the date of publication.
See related article: Crypto industry reacts to SEC’s lawsuit against Binance
Fast facts
- The EU has established a legal framework for digital assets with MiCA, deemed to be one of the world’s first such comprehensive legislations for the Web3 industry.
- The rules require cryptocurrency exchanges and wallet providers to obtain a license to operate across the bloc. Stablecoin issuers are also required to hold suitable reserves.
- The publication of the rules in the journal means that MiCA provisions apply from Dec. 30, 2024, but parts of the law will take effect on June 30, 2024.
- The EU’s latest crypto regulatory development comes when the U.S. faces criticism from the industry for not setting clear regulations on how digital assets businesses should operate.
- Earlier this week, the U.S. Securities and Exchange Commission sued two of the largest crypto exchanges in the world, Binance and Coinbase, for allegedly breaching securities mandates.
See related article: Why the US is waging war on Binance, Coinbase