• Fri. Sep 29th, 2023



The EU Council finally agreed on the text of the Mica bill


Dec 19, 2022

The EU Council finally agreed on the text of the Mica bill


EU Council participants signed the text of the bill on the regulation of Mica cryptocurrencies without further discussion.

A separate law on cash transfers in the framework of the fight against money laundering requires caste -dodium suppliers to check the identity of their customers.

Mica includes rules that apply to issuers of unsecured cryptoactives, emitters of stablecoins, shopping and caste -casual platforms.

Suppliers of crypto acting services (CASP) will be obliged to adhere to strict requirements aimed at protecting consumers. They can be held accountable in case of loss of investors.

For trading platforms, a requirement to provide White Paper and sanctions for the use of misleading information will arise.

Disclaimers with mentioning the risks of losses associated with crypto actures will provide for consumers for companies – the rules of marketing communications.

CASP will require permission to work in the EU. The largest suppliers of crypto acting services will be controlled by ESMA .

The industry lobbyists hoped that they would be able to exclude the provisions of the limit of € 200 million per day on the transaction of stablecoins with the provision different from the euro. However, in September, it became known that representatives of Germany, Italy and the Netherlands insisted that this did not happen.

The text of the document must officially agree on the European Parliament. It is expected that it will be published in the EU official journal at the beginning of next year before it enters into force since 2024.

Recall that in early July the EU Council and the European Parliament agreed on the preliminary version of the Mica.

The draft law does not affect NFT, however, the relevant provisions may submit later.

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