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Description

Implemented Crypto Assets Regulation (MiCA) including competition measures

On 30 June 2024, Titles III and IV of the Market in Crypto Assets Regulation (MiCA) concerning asset-referenced tokens and e-money tokens enters into force. The Regulation applies to crypto-asset issuers and crypto-asset service providers and outlines additional obligations to crypto-asset issues classified as "significant". The “significant asset-referenced tokens" are defined as entities that have more than 10 million holders of their asset-referenced token, have a market capitalisation of over EUR 5 billion, have more than 2'500'000 daily transactions with a value exceeding EUR 500 million, or as defined as "gatekeepers" based on Digital Markets Act. The issuers have to meet three criteria in their first reporting to be classified as such. Furthermore, the Regulation gives the Commission the power to designate issuers as "significant" even if they don't meet all the criteria. The issuers of crypto assets classified as "significant" have to provide fair remuneration to ensure effective risk management, implement liquidity management strategies and have a minimum of 3% of own capital as reserve assets.

Original source

Scope

Policy Area
Competition
Policy Instrument
Unilateral conduct regulation
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
supranational
Government Branch
legislature
Government Body
parliament

Complete timeline of this policy change

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2020-09-24
under deliberation

On 24 September 2020, the European Commission published the proposal on markets in crypto-assets to…

2021-11-19
under deliberation

The Council adopted a common position on the Regulation on Markets in Crypto Assets. The proposal o…

2022-03-17
under deliberation

On 17 March 2022, the European Parliament adopted the draft report on the EU Regulation Markets in …

2022-06-30
under deliberation

On 30 June 2022, the European Parliament and the Council announced that an agreement on the propose…

2022-10-05
under deliberation

On 5 October 2022, the General Secretariat of the Council of the European Union issued the text of …

2023-04-20
under deliberation

On 20 April 2023, the European Parliament passed the Markets in Crypto Assets Regulation (MiCA). Th…

2023-05-16
adopted

On 16 May 2023, the Council of the European Union adopted the Markets in Crypto Assets Regulation (…

2023-06-29
in grace period

On 29 June 2023, the Markets in Crypto Assets Regulation (MiCA) enetrs into force with grace period…

2024-06-30
in force

On 30 June 2024, Titles III and IV of the Market in Crypto Assets Regulation (MiCA) concerning asse…