On 15 July, Dechert LLP published an article saying that, on 30 June, the European Council and the Parliament, announced that they had reached a provisional agreement on the proposal for regulation on markets in cryptoassets (MiCA), which covers issuers of unbacked cryptoassets and fiat-backed or fiat-referencing stablecoins, as well as the trading venues and the wallets where cryptoassets are held. The next step is for the Council and the Parliament to each approve the political agreement before formally adopting MiCA. The article looks at what MiCA aims to achieve and its impact on stakeholders; briefly compares MiCA to other legislative measures that would create a framework for the regulation of cryptoassets in the EU; and assesses how MiCA may interact with the Prospectus Regulation, MiFID, AIFMD and the UCITS Directive. Finally, it compares the recent EU developments to those in the UK.
A second article, from Freshfields Bruckhaus Deringer LLP on 15 July, also looked at plans for MiCA, saying that, with the compromise between the Council and Parliament, the EU is set to establish a comprehensive set of rules that fills a regulatory gap and aims to end the legal fragmentation of crypto regulation in the EU. It says that, setting aside the provisions on stablecoin issuers, it is expected to take another 18 months until MiCA enters into force; and that, without further action, the current fragmented legislative and regulatory landscape for crypto-assets in the EU will persist until 2024.
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