On October 5th, 2022, following the trialogue between the European Commission, Council, and Parliament, the Permanent Representatives’ Committee agreed on a draft overall compromise package on the Proposal for the Markets in Crypto Assets (MiCA) framework.
The legislative process of the European Union’s proposal for the Markets in Crypto Assets (MiCA) nearing its end.
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Metaverse
Author: Kristina Dosen
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Content accuracy validation date:
14.10.2022
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This framework is the most substantial piece of crypto regulation within the EU yet, dealing first and foremost with cryptocurrency activity in Europe. Decentralized finance (DeFi) and non-fungible tokens (NFTs) are not the subjects of this regulation, as the EU intends to create separate legislation to tackle these issues in the future. One exception is the NFTs with fractional ownership – or F-NFTs – which fall under the law’s scope. This means that NFT collections like Bored Ape Yacht Club, where each NFT holder holds a share in the collective value of the brand, would be treated as securities and therefore would be regulated by the framework.
MiCA will be applicable across the EU and it will directly apply to all Member States, without the need to further implement it into national laws. The legislative process is expected to be completed by the end of 2022. Following that, there will be a grace period of 18 months before the legislation goes into effect in 2024.
The Proposal for a Regulation of the European Parliament and of the Council on Markets in Crypto-assets and amending Directive (EU) 2019/1937 (MiCA) can be accessed through the following link:
Proposal for a regulation for the Markets in Crypto Assets (MiCA)
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