European Council Adopts MiCA and Crypto Transfer Control

European Council Adopts MiCA and Crypto Transfer Control

A new step cross for regulation on crypto asset markets with voting from European Council. mica will be considered next week by parliament for hall in application in 2024As soon as possible.

Europe is advancing another step in implementing new rules applicable to digital asset markets and their players. At the end of September, the text of micaunder development since the end of June and an interim agreement, appeared in a finalized version.

The content of MiCA (Markets in Crypto-assets) was reviewed by members of European Council. And according to its General Secretariat, the future European regulations were therefore approved at first.

Publication in the OJ of Europe in 2023

The the final version of MiCa is now available to everyone, and in particular to crypto industrialists. The latter will be able to inform themselves about the various conditions and obligations that apply to their activity.

Thus, the regulations provide, for example, the obligation for market participants to obtain a PSAN license. However, for the sake of simplification, this approval will be valid at the level of all Member States.

The companies that have so far focused on PSAN record will have to hire a approval procedure – in France, with AMF. To our knowledge, Coinhouse has already taken the necessary steps.

As for mica, it still has to complete its legislative journey. The text will be reviewed and put to a vote in the European Parliament next week. Once this step is completed, it can be published in the Official Gazette. In principle, it should intervene early 2023.

The identity of the authors and recipients of stored crypto transfers

Entry into force regulation of digital assets, including stablecoins and their issuers, will at best only happen through 2024. A gradual implementation is envisaged.

To point out that mica was not the only regulatory mechanism considered and voted on by the European Council. The latter also gave his approval for new measures. They refer to transfers of crypto funds.

Virtual asset transfer service providers must accompany virtual asset transfers with information about their originators and beneficiaries,” the new regulations state.

Therefore, these companies must obtain, store and share this information with the parties involved in the transfer of digital assets. This data will be provided upon request to the competent authorities.

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