European Union: Passed Crypto Assets Regulation (MiCA) including transparency requirements by European Parliament
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Passed Crypto Assets Regulation (MiCA) including transparency requirements by European Parliament
On 20 April 2023, the European Parliament passed the Markets in Crypto Assets Regulation (MiCA). The Regulation will apply to crypto-asset issuers and crypto-asset service providers and includes transparency rules, requiring crypto-asset issuers and providers to publish a white paper presenting the crypto-asset characteristics, data regarding their asset reserves and the consumers' rights and obligations. The white paper will have to be submitted to the authorities for approval before its released to the public. Furthermore, the issuers will have to ensure that they meet cybersecurity requirements to safeguard the investments in the crypto-assets, or their activities could be suspended. The MiCA now goes to the Council of the European Union for final approval, and it will enter into force 20 days after its publishing in the Official Journal.
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