Key Points

  • Mica has been published in the E.U. official journal.
  • The crypto legislature will take effect by the end of 2024 to create a unified crypto assets regulation in the European Union Member States.

MiCA crypto regulations added to E.U. official journal- the countdown to effect starts.

E.U. has published MiCA regulations in its official journal, kickstarting the countdown to them taking effect by the end of 2024. These regulations have been in development over the past few years. They will play a big part in harmonizing crypto regulations in the region, as all European Union member states will be using them.

The European Union Markets in Crypto Assets (E.U. MiCA) legislation was published on June 9, 2023, triggering the count down to December 30, 2024, where it should be effected. This bill was signed into law on May 31. Still, it has been agreed upon by the E.U. lawmakers to give the crypto industry time to read and digest them before they are effected to avoid bringing hasty regulation that may send innovation away from E.U. member states.

The crypto industry has hailed the E.U. for introducing the proper regulatory framework in the area, unlike the U.S., which charges exchanges without having put in similar efforts first

Today, Binance’s CEO praised the European Union for the legislation and said that since there is a new framework in Europe, his exchange and others will have time to adequately adjust and adhere to it to serve both the law and the investors.

In the meantime, crypto organizations are getting under fire in the U.S. as SEC is going hard after them. By now, Bittrex and Kraken have been charged with ongoing court proceedings for Ripple, Coinbase, and Binance. These organizations are being sued for offering securities assets to U.S. citizens without the ‘knowledge’ of the SEC. 

Keep watching Fintech Express for updates on crypto regulation and other Fintech-related developments.