Innovation in the digital financial sector has overtaken European legislation and regulation in the area of crypto assets. To date, the European Union has lacked standardised guidelines for issuers and service providers in the crypto universe. The EU now wants to change this. The Markets in Crypto Assets Regulation (MiCA) is intended to create an environment in the European Union that drives the development of crypto assets, the corresponding issues and services and at the same time minimises risks for the market and consumers through a regulatory framework.
The European agreement that has now been reached on the MiCA Regulation provides all market participants with an opportunity to prepare for the resulting requirements until the regulation is expected to come into force in 2024. It provides both traditional financial service providers and FinTechs with a legal framework for innovative business models - and has the potential to pave the way for issuers of crypto assets and providers of services in the crypto universe to enter the established financial world.
In our white paper Markets in Crypto-Assets Regulation - the impact on service providers in the crypto universe, we present a clear overview of the planned MiCA regulation, place it in the context of existing European and national requirements and highlight the potential impact on the entire crypto universe and its participants.
