79:), which is a legal framework for securities markets, investment intermediaries and trading venues. MiCA covers participants in the crypto-market, including crypto-asset issuers, trading platforms, exchanges, and custodian wallet providers. A benefit of the MiCA proposal is that it permits banks, investment firms, and other financial institutions to engage in crypto-market activities, provided they have authorization under MiFID II to offer services. It was expected to be different from the UK's crypto regulatory framework. The UK was expected to start by regulating only a few crypto assets, while the MiCA regime was expected to be broader.
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Groundwork for MiCA started in 2018 following public interest in cryptocurrencies (by 2024 there were estimated to be 31 million crypto users in Europe). The
European Commission adopted a digital finance package, which included MiCA, in September 2020, leading to discussions among the preparatory
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After 18 months of debate, the EU passed MiCA in 2022. Regulations on stablecoins took effect in June 2024 and those affecting crypto asset service providers take effect in
December, 2024. However, service providers with fewer than 15 million active users in Europe would not be considered
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In May 2024, the EBA published final draft regulatory technical standards (RTS) and final draft implementing technical standards (ITS) under MiCA, applicable from 30 June 2024.
108:, warned of “gaps in the framework” for regulating crypto markets and that traditional approaches might not work. She said that the 15m threshold would probably exclude
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regulation in the EU, while protecting users and investors. MiCA was approved on 20 April 2023 by the EU Parliament but will not be fully applied until
December 2024.
55:, and amending Directive (EU) 2019/1937 COM/2020/593 final". MiCA is part of a digital finance package that intends to transform the European economy.
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The full name of the 24 September 2020 proposal is the "Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on
Markets in
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Société Générale was the first big bank to list a stablecoin under MiCA, in
December 2023, on Bitstamp, an exchange based in Luxembourg.
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433:"EU passes landmark crypto regulation, MiCA, in lock step after cementing decried, dreaded virtual value AML 'travel rule'"
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Provan, Sarah; Ralph, Oliver; Langley, William; Kerr, Jaren; White, Alexandra; Wembridge, Mark (2022-11-28).
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530:"Live news updates from November 28: ECB board member calls for global harmonisation of crypto regulation"
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257:"New Crypto Rules in the European Union – Gateway for Mass Adoption, or Excessive Regulation?"
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European Central Bank, the Economic and Social Committee).
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231:"MiCA: A Guide to the EU's Proposed Markets in Crypto-Assets Regulation"
75:. It is similar to the EU’s Markets in Financial Instruments Directive (
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MiCA text adopted by
European Parliament on 20 April 2023 on europa.eu
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Nagelkerke, Floortje; Meakin, Hannah; Carrier, Anna (15 July 2024).
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555:"Société Générale to become first big bank to list a stablecoin"
466:. Max Planck Institute for the Study of Crime, Security and Law.
353:"Explaining MiCA: What It Means For Your Crypto-Asset Business"
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379:"Where in Europe are people investing in crypto the most?"
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before its collapse. She had made similar warnings at a
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439:. Association of Certified Financial Crime Specialists
324:"A divide has emerged in EU and UK crypto regulation"
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MiCA provides legal certainty around crypto assets –
31:. It is intended to help streamline the adoption of
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503:Arnold, Martin; Chipolina, Scott (2023-04-05).
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478:"Markets in Crypto Assets Regulation (MiCAR)"
207:"Markets in Crypto-Assets Regulation (MiCA)"
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404:"MiCA and the CySEC CASP regime in Cyprus"
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460:"New Rules for Crypto-Assets in the EU"
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237:. 24 September 2020
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389:2024-06-07
216:2024-06-07
167:References
148:on EUR-Lex
33:blockchain
25:regulation
464:eucrim.eu
310:1757-9961
383:euronews
262:Stanford
235:sygna.io
191:26 April
185:cnbc.com
96:and the
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110:Binance
83:History
23:) is a
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359:. ALM
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