EU adds MiCA to official journal, starts crypto legislation countdown.

On June 9, 2021, the European Union’s Markets in Crypto-Assets (MiCA) legislation was published in the Official Journal of the European Union (OJEU). This signals the start of the countdown for the law to become effective from December 30, 2024.

The regulations, which were signed into law on May 31, 2021, after being introduced in 2020, aim to establish a consistent regulatory framework for crypto assets across European Union member states.

Although the rules officially come into force within 20 days of publication, the rules will start being implemented on December 30, 2024, with some parts of the legislation taking effect six months earlier, on June 30, 2024.

The legislation has been praised by cryptocurrency service providers and supporters for creating a single market environment throughout Europe regarding regulatory requirements and operating procedures.

Key components of the MiCA legislation include registration and authorization requirements for issuers of cryptocurrencies, exchanges, and wallet providers.

Related: EU to use blockchain for educational and professional credential verification

According to the regulations, stablecoin issuers must meet specific security and risk mitigation requirements, while providers of cryptocurrency custody services must guarantee sufficient security and safety measures to address potential cybersecurity and operational failures.

Additionally, the legislation establishes a framework to prevent market abuse, insider trading, and manipulative behavior in the cryptocurrency space.

Meanwhile, crypto markets and operators in the United States are facing pressure as the Securities and Exchange Commission has initiated regulatory action against crypto exchanges Binance and Coinbase.

Both exchanges are being sued on numerous counts, including failure to register as licensed brokers and offering unregistered securities.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

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