MICA Financial News

The European Securities and Markets Authority (ESMA), the European Union’s markets regulator, released a consultative paper on Markets in Crypto-Assets (MiCA) mandates on July 12. It was the first of three consultative packages the agency expects to publish and concerns technical specifications for crypto asset service providers (CASPs).

Financial regulators within the European Union (EU) have urged stablecoin issuers alongside other industry participants to adopt the guidelines set out in Markets In Crypto Assets Regulation (MiCA).

In advance of required regulations that are expected in a year, the banking watchdog for the European Union asked stablecoin issuers to voluntarily follow certain "guiding principles" on risk management and consumer protection.

The European Union's Markets in Crypto-Assets (MiCA) legislation, enacted on May 31, has generated praise and concerns within the crypto industry. 

The Association for Financial Markets in Europe (ASME), an industry advocacy group that represents wholesale market participants in Europe, called for the inclusion of the decentralized finance (DeFi) sector within the recently passed markets in crypto assets (MiCA) regulations.

CACEIS Bank, the asset servicing arm of Crédit Agricole and Santander, has received a crypto custody license in France, according to the regulator’s website on June 20. 

The European Union’s financial watchdog will launch a 3-part consultation process for the recently adopted Markets in Crypto Assets framework, or MiCA.

Crypto Assets (MiCA) Legislation, a first-of-its-kind framework for regulating crypto-assets. The legislature had been in consultations for over two and a half years before it was finally accepted by the European Parliament as a comprehensive set of regulations for the crypto ecosystem in Europe. MiCA came into force in May 2023 after receiving formal approval from the European Council.

Crypto exchange Gemini has selected Dublin as the headquarters for its European operations, amid a backdrop of crypto companies seeking expansion outside of the United States.

Norges Bank, the central bank of Norway, has released its annual “Financial Infrastructure Report." It devoted a considerable part of the report to crypto assets and the question of whether Norway should depend on international regulatory examples to control its market.

The international regulatory environment for cryptocurrency is improving, and the company is eyeing a retail expansion on the continent, Bakkt chief product officer Dan O’Prey said. On the whole, O’Prey saw positive long-term trends.

The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto assets. This is the eighth version of the Directive on Administrative Cooperation (DAC), which is a set of procedures for automatic information sharing between European governments for tax purposes. 

European Union Council members have given the final green light on the highly-anticipated Markets in Crypto-Assets (MiCA) legislation following a voting process on May 16.

Republican leader at the US Securities and Exchange Commission said Europe’s legislation to regulate cryptocurrency could be a model as the country grapples with how to write rules for the industry.

hose" of differing regulatory approaches to cryptoassets lack the global consensus needed to attract established investors that would create a maturer market, a conference was told on Wednesday. The European Union has finalised the world's first comprehensive rules for cryptoasset markets, known as MiCA, but others like Britain and the United States are further behind. Apart from compliance with rules to stop money laundering and terrorist financing, crypto firms are largely unregulated in many parts of the world. «It's really commendable that Europe was able to get that done so quickly,» Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission, told a Financial Times conference.

MiCA, the Markets in Crypto-Assets Regulation, is a significant step towards establishing a comprehensive regulatory framework for crypto-assets in the European Union (EU). This regulatory framework is seen as a politically acceptable and workable compromise that builds on existing regulatory frameworks while offering certainty to entrepreneurs and preventing knee-jerk reactions from policymakers. One of the key aspects of MiCA is the introduction of a tailored license for crypto-asset services and stablecoin issuers that can be passported across all 27 EU member states, covering a market of 450 million people. This is expected to streamline regulatory processes and foster cross-border activities in the crypto industry. MiCA distinguishes between different types of cryptoassets and provides regulatory requirements specific to each category. This approach recognizes the diversity of cryptoassets and their different use cases, and tailors regulatory requirements accordingly. By taking a nuanced approach to different types of cryptoassets, MiCA aims to provide effective regulation that is appropriate for each category. MiCA includes rules for stablecoin issuers that aim to ensure consumer confidence by requiring proper reserves and the redeemability of tokens. This is expected to enhance the reputation and acceptance of stablecoins as a form of digital currency.

Almost 400 Virtual Asset Service Providers (VASPS) have voluntarily shut down or had their authorizations revoked in Estonia following the government’s recently enhanced Terrorist Financing Prevention and anti-money laundering laws (AML) that came into effect in March.

MiCA (Markets in Crypto Assets) legislation, one of the first of its kind milestones in the development of the crypto industry. It has been in the works for over two-and-a-half years, undergoing consistent discussion and consultations before finally passing. The new law will bring in a comprehensive regulatory framework for the crypto industry across all 27 countries of the European Union. What is MiCA? The Markets in Crypto Assets, or MiCA, the new legislation on cryptocurrency, is a landmark law that brings more clarity to the crypto industry in the EU. Introducing this law is a significant step forward for the crypto industry, as it represents a major effort to provide greater clarity and transparency in the sector. MiCA will provide a clear set of rules and guidelines for companies operating in the crypto industry, including trading, custody, and marketing of crypto assets. One of the key features of MiCA is its emphasis on regulatory stablecoins, which are digital assets backed by fiat currency or other assets. The law includes heavy compliance requirements for operators of stablecoins, which will help to ensure that these digital assets are stable and secure and that they are not subject to any fraudulent practices or money laundering. The countries in the European Union will have 18 months to implement these new regulations.

A “fast track” option for licensed crypto firms in France to get regulated under the upcoming Markets in Crypto-Assets (MiCA) laws has been mulled by the country’s financial regulator.

Last week, the Markets in Crypto-Assets Act, also known as MiCA, was finally passed by the European Parliament. While MiCA technically still has to be approved by the European Council, there’s little doubt that the world’s first comprehensive crypto framework will become a reality by 2024 or 2025.

Though a crypto-focused regulatory framework still needs approval from the European Council before final passage, many in the space have reacted positively to the Markets in Crypto Assets, or MiCA, bill moving forward.