EU Parliament approves MiCA
FinTechLegal Updates
The European Parliament gave its final approval to the Markets in Crypto-Assets Regulation (‘MiCA’) on 20 April 2023. The regulation forms part of the EU’s broader digital financial package whose aim is to encourage the use of fintech while ensuring consumer protection and financial stability across the EU. MiCA is the first harmonised EU framework for regulating crypto-assets and is applicable across Member States without national transposition. The regulation introduces three sub-categories of crypto-assets, namely asset-referenced tokens, e-money tokens, and other crypto-assets, which includes utility tokens and other cryptocurrencies. MiCA has three distinct regulatory regimes for issuers of stablecoins, non-stablecoins,…