Do you have or use crypto? Are you providing crypto services? If so, in 2025, you need to be very careful, especially if you or your customers are from the European Union.
MiCA Latest Version
On December 30, 2024, the EU Crypto Regulation known as MiCA came into full effect. The full text of the latest version of MiCA can be found here:
The main changes are:
- The EU Commission has been given the power to supplement MiCA by adopting regulatory technical standards in certain areas.
- Issuers, offerors, or persons seeking admission to trading are required to submit inside information to the European Single Access Point (expected to operate from 2030).
You can view the specific updates in detail with track changes mode here
Anti-Money Laundering (AML): CASPs are required to implement strong AML policies to ensure compliance with EU financial service standards. This was, of course, expected, especially in light of sanctions imposed on Russia.
Licensing and Transitional Period
As of January 1, 2025, CASPs will need to begin applying for licenses to operate under MiCA. Here are the key details regarding the transitional provisions and licensing process:
Transitional Period: Existing virtual asset service providers (VASPs) - the more commonly used term outside the EU for crypto providers - can continue to operate under their current national licenses until December 31, 2025. In some countries, this transitional period may be extended until July 1, 2026. This allows VASPs time to apply for a MiCA CASP license while still providing services legally.
License Application Submission: From January 1, 2025, companies must submit their applications for a MiCA CASP license. However, they could have begun preparing and submitting applications as early as April 22, 2024, for pre-examination by local authorities, although formal authorization cannot be granted until MiCA comes into effect on December 30, 2024.
Application Process: Submitting a license application is necessary but not sufficient on its own. The application must be complete and meet all regulatory requirements. The review process typically takes around 40 working days, but it can take longer if additional information is requested or if the application is complex.
Continued Operation During Application: While existing VASPs can operate under their current licenses during the transition period, they must ensure that they submit their CASP license applications before the end of this period to avoid interruptions in service.
In summary, existing providers have until the end of 2025 to transition to a MiCA CASP license while continuing their operations, provided they apply for the new license in a timely manner.
Implementing Regulations
Welcome to the EU bureaucracy! Below is a comprehensive list of all EU regulations that supplement or implement MiCA:
- team. On Eurlexa you can access and search EU regulations and directives with ease. Eurlexa is a mobile-optimized, user-friendly alternative to EU offical and rather cumbersome EUR-Lex.↗ Original-Artikel auf dev.to lesenVollständiger Original-BerichtAusführliche Details, Code-Beispiele & Hersteller-Stellungnahme auf dev.to.
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