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Markets in Crypto Assets (MiCA)
April 29 , 2023
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- The European Parliament has approved the world’s first set of comprehensive rules.
- It aims to bring largely unregulated cryptocurrency markets under the ambit of regulation by government authorities.
- The European Parliament is the legislative body of the 27-country block European Union.
- The regulation is called the Markets in Crypto Assets (MiCA).
- It will come into force after formal approval by member states.
- About 22% of the global crypto industry was concentrated in central, northern, and western Europe.
- They received $1.3 trillion worth of crypto assets.
- MiCA will impose compliance on the issuers of crypto assets, who are defined as the “legal person who offers to the public any type of crypto-assets”.
- It will apply to crypto-asset service providers (CASPs) providing one or more of these services.
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