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Markets in Crypto-Assets Regulation (MiCA)
The Markets in Crypto-Assets Regulation (MiCA) institutes uniform EU market rules for crypto-assets. The regulation covers crypto-assets that are not currently regulated by existing financial services legislation. Key provisions for those issuing and trading crypto-assets (including asset-reference tokens and e-money tokens) cover transparency, disclosure, authorisation, and supervision of transactions.
The new legal framework will support market integrity and financial stability by regulating public offers of crypto-assets and by ensuring consumers are better informed about their associated risks.
MiCA Implementing Measures
Overview of MiCA Consultation Process
Europe releasing the MiCA consultation packages in sequence starting with the Level 2 and Level 3 measures with the shortest deadlines. These include those related to authorisation, governance, conflicts of interest, and complaint handling procedures.
The first package will be launched in July 2023. ESMA plans to publish the second package by October 2023. The third and final consultation package, which includes the MiCA mandates with an 18-month deadline, will be published (tentatively) in Q1 2024. A sequential approach will allow for better use of available resources (for ESMA, for NCAs, and for respondents).
Details on the duration of each consultation will become available as they are published.
The Markets in Crypto Assets Regulation (MiCA) entered into force in June 2023. The regulation includes a substantial number of Level 2 and Level 3 measures that must be developed before the entry into application of the new regime (within a 12-to-18-month deadline, depending on the mandate).
During the implementation phase of MiCA, ESMA (in close cooperation with EBA, EIOPA, and the ECB) is consulting with the public on a range of technical standards that will be published sequentially in three packages. The aim is to deliver draft level 2 and 3 measures that incorporate feedback from the public as soon as possible. The date for the entry into application of the measures is subject to their adoption by the European Commission and approval by the European Parliament and the Council of the EU.
Consultation Package 1
The first consultation package will be published in July 2023. This package includes technical standards for the following mandates:
Article 60(13): RTS on content of notification from selected entities to NCAs
Article 60(14): ITS on forms and templates for notification from entities to NCAs
Article 62(5): RTS on the content of the application for authorisation for CASPs
Article 62(6): ITS on forms and templates for CASP authorisation application
Article 71(5): RTS on complaint handling procedure
Article 72(5): RTS on management and prevention, disclosure of conflict of interest
Article 84(4): RTS on intended acquisition information requirements
Consultation Package 2
The second consultation package is expected to be published by October 2023. This package will likely cover all those remaining mandates with a 12-month deadline, including:
Sustainability indicators
Business continuity
requirements
Trade transparency data and order book record-keeping
Record keeping requirements for CASPs
Classification and templates and format of crypto-asset white papers
Public disclosure of inside information
Consultation Package 3
The third and final consultation package is expected to be published in Q1 2024. This package will likely cover all those remaining mandates with an 18-month deadline, including:
Qualification of crypto-assets as financial instruments
Monitoring, detection, and notification of market abuse
Investor protection:
Reverse solicitation
Suitability of advice and portfolio management services to the client
Policies and procedures for crypto-asset transfer services, including clients' rights
System resilience and security access protocols
Explore Regulatory Excellence with MiCA
Underscore the critical importance of completing initiated protocols without exception. Failure to do so not only violates company policy but also carries significant legal ramifications, including potential legal issues with the respective governing authorities of each nation.
Leaving protocols incomplete poses a substantial risk, potentially resulting in account suspension, legal penalties, and classification as money laundering activity. It is imperative that all protocols be diligently and promptly concluded to avoid any such consequences.
I trust that each of you recognizes the gravity of this matter and will adhere strictly to company protocols and legal requirements.
Member States will have the option of implementing ‘transitional measures’ (Article 143 of MiCA) that would allow entities or undertakings already providing crypto-asset services under applicable law in their jurisdictions to continue doing so during the transitional phase of MiCA (i.e., the period of 18-months after full application in December 2023). These transitional measures include:
A ‘grand-fathering’ clause Art. 143 (3) – allowing entities providing crypto-asset services in accordance with national applicable laws before 30 December 2023 to continue to do so until 1 July 2026 or until they are granted or refused a MiCA authorisation.
A simplified authorisation procedure Art. 143 (6) – for entities that were already authorised under national applicable law on 30 December 2023 to provide crypto-asset services.
Mandatory Protocol Completion and Legal Implications
Protocol Compliance for Acquiring Cryptocurrency Assets
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MiCA seeks to provide legal certainty and clarity for issuers and service providers operating in the crypto-asset market. It covers various aspects, including the issuance and provision of crypto-assets, requirements for crypto-asset service providers, and investor protection measures.
