On June 9, the European Union’s Markets in Crypto-Assets (MiCA) legislation was published in the Official Journal of the European Union, marking the countdown for the law to come into effect from December 30, 2024. The regulations, signed into law on May 31, aim to establish a consistent regulatory framework for crypto assets across EU member states.
While the rules are officially in force within 20 days of publication, their application will begin on December 30, 2024, with some parts taking effect six months earlier, on June 30, 2024.
The MiCA legislation has received positive feedback from cryptocurrency service providers and advocates as it creates a unified market environment across Europe by standardizing regulatory requirements and operational procedures.
Key aspects of the MiCA legislation include registration and authorization requirements for cryptocurrency issuers, exchanges, and wallet providers. Stablecoin issuers must meet security and risk mitigation standards, while cryptocurrency custody services must ensure robust security measures to address cybersecurity and operational risks.
The legislation also establishes a framework to prevent market abuse, insider trading, and manipulative behavior in the cryptocurrency industry.
Meanwhile, in the United States, crypto markets and operators are facing regulatory pressure as the Securities and Exchange Commission (SEC) takes action against crypto exchanges Binance and Coinbase. Both exchanges are being sued for various reasons, including failure to register as licensed brokers and offering unregistered securities.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up