The Regulation of the European Parliament and of the Council on Markets in Crypto-assets and Amending Directive (EU) 2019/1937 provides a unified regulatory framework for crypto asset markets in the European Union (EU). In October 2022, the EU reached a political consensus on MiCA and on 20 April 2023, MiCA was formally adopted by the European parliament and is expected to be published in the official journal in the summer of 2023. Most of its provisions are expected to come into effect in January 2025 (adoption + 20 days + 18 months), but certain arrangements concerning asset-referenced tokens and e-money tokens will apply 12 months after the rules come into force (adoption + 20 days + 12 months). MiCA is expected to become the first major jurisdiction with the comprehensive regulatory framework on crypto assets.
