The ship has sailed, but the travel is still long. In June this year, after 4 years of discussion, the famed Market in Crypto-Assets Regulation, duly known for its acronym “MiCA”, entered into force. The regulation has been hailed as a milestone, and one of the most important pieces of legislation regarding the crypto sector to be enacted globally. Given the fact that it shall apply all over the EU in the next year (one part applying as from June 2024, and the rest in December of the same year), businesses, institutions, and policymakers all scramble to prepare themselves for what promises to be a new regulatory paradigm that shall have a major responsibility in the future successes of this industry.
MiCA is a complex piece of legislation, with the purpose of regulating a complex market. Inspired by and making reference to equivalent regulatory frameworks for credit and payment institutions, while derogating at points from said frameworks and (at first glance) caveating several existing realities from its regulatory scope, while having to deal with other rules and frameworks of national and EU origin (hello, anti-money laundering, and DLT Pilot Regime), its implementation and application promises to be what in the other side of the Atlantic is labelled as “a hell of a ride”.
To enter the ride, BlockReg Advisors announces the publishing of the “MiCA chronicles”. The MiCA chronicles are a set of research notes on several, fragmented issues coming up from the reading of MiCA. The purpose of the notes is to serve as a reflection, sometimes looser and sometimes more dedicated, on the normative meaning and possible implications of the MiCA regime. Although researched, referring to relevant literature and engaging with policy instruments, the texts in these series are not an academic work, nor a business note – and, it goes without saying, they do not in any way consubstantiate legal advice. Think of it as a thoughtful, curious and provocative take on the provisions of MiCA, with the purpose of fostering awareness, clarity and discussion on this important set of rules.
The series, authored by Senior Consultant Martinho Lucas Pires, shall be published in BlockReg’s website and blog, along with other research notes, every two weeks. Every note shall discuss a new topic, sometimes more specific, sometimes broader, and sometimes only laterally connected with MiCA, but always within its scope.
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If you want to discuss these topics further do not hesitate in contacting our team at [email protected] and [email protected]. Hope you enjoy the ride as much as we do.
