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MycA
Regulation on Markets in Crypto-Assets (MiCA)
The Regulation (EU) 2023/1114, known as MiCA, is a regulation adopted by the European Union that establishes a harmonized regulatory framework for the issuance, offering, and provision of services related to crypto-assets in the European market. Source
Main Objectives of MiCA
Regulate the issuance, offering, and trading of crypto-assets
It establishes uniform requirements for public offerings and admission to trading of crypto-assets, seeking to provide legal clarity and security to issuers and providers. Source
Protect investors
It implements measures that ensure the protection of crypto-asset holders and customers of service providers, including information and transparency requirements. Source
Establish requirements for crypto-asset service providers (CASPs)
It defines the conditions for authorization and supervision of CASPs, as well as rules on their operation and organization. Source
Prevent money laundering and terrorist financing
It introduces measures to prevent operations conducted through insider information and its unlawful disclosure, contributing to financial stability and market integrity. Source
Scope of application
MiCA applies to all natural or legal persons and certain companies involved in the issuance, public offering, admission to trading of crypto-assets, or providing related services within the European Union. Source
Types of crypto-assets regulated by MiCA
Asset-Referenced Tokens (ART)
Crypto-assets that stabilize their value in relation to other assets or a set of assets. Source
E-Money Tokens (EMT)
Crypto-assets that refer to the value of an official currency to maintain a stable value. Source
Other crypto-assets
Includes any crypto-asset that is not ART or EMT but is issued and traded, such as cryptocurrencies like Bitcoin or Ethereum and utility tokens. Source
Supervision and enforcement
The National Securities Market Commission (CNMV) is the competent authority for supervising compliance with MiCA in Spain. The Bank of Spain will carry out supervisory, inspection, and sanctioning functions regarding the obligations provided in MiCA concerning ART and EMT issuers. Source
Entry into force
The MiCA regulation will apply from December 30, 2024, establishing a harmonized regulatory framework across Europe for the issuance, admission to trading, and provision of services related to crypto-assets. Source
Summary
In summary, MiCA seeks to provide a regulated environment that promotes innovation in the crypto-asset market, while ensuring investor protection and the integrity of the financial market in the European Union.
