EU Crypto Regulation: Key Steps and National Approaches to MiCA

The Markets in Crypto-Assets Regulation (MiCA) has already been discussed in the market and we already provided you with some information on the specific framework introduced by the European Union to regulate crypto-assets and their service providers. We believe that it is also important to discuss the implementation steps, since many of our readers are EU based. Implemented in phases, MiCA aims to create a harmonized market for crypto-assets across the EU, enhancing transparency, consumer protection, and market integrity. Key milestones include the enforcement of rules for stablecoins that already took place in June 2024 and full compliance required by this month.

It is also interesting to mention that as the implementation of MiCA progresses, EU member states are taking varied approaches to align their national legislation with the new regulations. Countries like Estonia, France, and Luxembourg have opted for a full 18-month transition period, allowing entities providing crypto-asset services to continue operating under national laws until July 2026 or until they receive MiCA authorization. On the other hand, nations such as Ireland and Italy have chosen a shorter transition period, requiring compliance by the end of 2025. These differing strategies reflect the challenges that crypto assets service providers face when it come to “doing business” in EU. Our team will follow this matter closely, so stay tuned for more updates!