On 16 May 2023, the Council of the European Union adopted 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 enters into force 20 days after its publication in the Official Journal.
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