When will mica become law?

MiCA was approved on 20 April 2023 by the EU Parliament and will become law in 2024. The full name of the 24 September 2020 proposal is the "Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Markets in Crypto-assets, and amending Directive (EU) 2019/1937 COM/2020/593 final".

What does the mica Bill mean for crypto-assets?

The MiCA bill also asks those issuing crypto to publish a crypto-asset white paper with information about their project.

Is mica a proposed EU regulation or a directive?

MiCA’s status as a proposed EU Regulation instead of a Directive (e.g. the 5th Anti-Money Laundering Directive, also known as AMLD5), which makes transposition discretionary as opposed to immediately enforceable, makes it clear to EU state regulators that there will be no escaping its requirements once it is officially promulgated. 8. Conclusion

What is mica & how does it work?

It has now been ratified by the European Parliament and thus becomes the first regulatory framework for cryptoassets in the world. MiCA covers issuers and service providers, with the aim of protecting consumers and investors while ensuring financial stability and supporting innovation.