The EU MiCA regulations will undergo a second consultation in April, with provisions expected to come into effect in December 2024

The Crypto Assets markets Act (MiCA) was unanimously voted through by the European Union in 2023. Many believe this to be the first comprehensive legislation aimed at the entire cryptocurrency industry. Although MiCA was already published in June 2023, two consultation meetings have been held on the Act before the first part of the legislation takes effect in June 2024, with another to be held in April. Other provisions are expected to take effect in December 2024.

Documents submitted by the European Securities and Markets Authority (ESMA) have taken into account feedback from companies outside the EU and have decided to provide special treatment to these companies when necessary. ESMA recommends that investors read the document and submit relevant requests before April 29, when regulatory authorities will discuss the document. Regulatory authorities are also seeking feedback on the possible eligibility of crypto assets as financial instruments (defined as currency contracts). If crypto assets are defined as currency contracts, they will no longer be under the jurisdiction of MiCA, but will be regulated under another Act called MiFID II.