The European Securities and Markets Authority (ESMA) has published a time frame for the implementation of Markets in Crypto-Assets Regulation (MiCA). EMSA is the EU securities regulator.
The EU recently approved the legislation as it seeks to enable digital asset innovation while incorporating investor protection requirements and mitigating the potential for systemic risk.
The timeline was updated as of June 9, 2023, and is as follows:
- June 2023 – MiCA Publication in the OJEU
- July 2023 – Consultation Package 1 Publication
- October 2023 – Consultation Package 2 Publication
- Q1 2024 – Consultation Package 3 Publication
- June 2024 – Entry into Application Title III and Title IV
- December 2024 – Entre into Application Titles I, II, V, VI, VII
In September 2020, the European Commission proposed two acts of legislative proposals on crypto, a Pilot Regime for DLT market infrastructures and a proposal for a regulation on Markets in digital assets (MiCA). The two proposals distinguish between digital assets already governed by EU legislation, like securities, and other types of crypto.
A Q&A on the Pilot Regime outlines the goal of a common supervisory approach for member state regulators. ESMA stated that it will review these Q&As on a regular basis to update them where required
