MiCA will enter into force 20 days after its publication in the Official Journal of the European Union.
The 250-page text of the Markets in Crypto-Assets Act, known as MiCA, has been published in the official journal of the European Union together with the European regulation on the transfer of funds, Transfer of Funds Regulation (TFR), last Friday.
The publication of MiCA in the EU's official journal took place a week after it was officially promulgated by the President of the Political Community, Roberta Metsola, and by the Swedish Minister for Rural Affairs, Peter Kullgren, who is also the President of the EU Council.
MiCA is a law focused on regulating cryptocurrency financial service providers, such as exchanges and issuers of crypto assets and stablecoins, with the aim of establishing specific rules to supervise their operations at a regional level, as well as guaranteeing the security of investors and participants and providing regulatory clarity to favor the development of the crypto industry.
Following its publication in the official journal of the European Union, the law MiCA will come into effect in the next 20 days, counting from Friday, June 9.
On the other hand, the law that will regulate cryptocurrencies in Europe will come into force 12 months later, for the stablecoin sector and the issuers of these digital currencies.
The MiCA regulations governing cryptocurrencies in general and financial service providers for these digital assets will come into effect 18 months after they come into force. This means that the first regulations established for the cryptocurrency industry in Europe through MiCA will begin to apply from June 30th next year.
Continue reading: How will MiCA help Europe become a more crypto-friendly destination?
