Are you ready for MiCA compliance?

MAY 10th, 2024

The deadline for The Market in Crypto-Assets (MiCA) is fast approaching, but what exactly does MiCA require, and what do you need to do next to prepare? This blog aims to provide some of the answers.

What is MiCA?

The Markets in Crypto-Assets (MiCA) is a new regulatory framework issued by the European Union (EU), designed specifically for cryptocurrencies and digital assets. This initiative marks the EU’s first comprehensive effort to regulate cryptocurrencies, drawing on TradFi and the foundational principles established by the Markets in Financial Instruments Directive (MiFID I) and its successor, MiFID II.

Why is it being introduced?

MiCA aims to address a fragmented landscape of national-level crypto regulations and inconsistencies across the EU. MiCA attempts to promote market integrity, financial stability, and consumer awareness about potential risks, ultimately fostering a more transparent and secure environment for the digital asset market.

Who does it apply to?

MiCA is applicable to a broad range of entities providing services related to crypto, including exchanges, custodians, wallet providers, issuers, investment firms, and more.

What is the deadline for compliance?

The legislation was officially entered into force in June 2023, giving organizations time to adjust. Deadlines for full compliance vary depending on the type of crypto asset or organization:

E-money tokens (EMT) and asset-referenced tokens (ART) – June 2024
CASPs and other token types – December 2024

What can I do to prepare?

Navigating MiCA’s complexities can be challenging. Our in-depth guide, “Decoding MiCA”” offers a practical overview of its requirements and implications. You can also speak with one of our team to discuss how our data solutions can help.