MiCA, the EU’s crypto law, has been published in the official journal.

The Markets in Crypto Assets law (MiCA) of the European Union has been published in the Official Journal of the European Union (OJEU) on Friday. This marks the beginning of the countdown for the implementation of groundbreaking crypto licensing regulations.

The complete law, which was published together with related legislation, mandates that crypto wallet providers must identify their customers when they transfer funds. It also offers crypto companies, such as exchanges and wallet providers, a license to operate across the entire bloc. Moreover, it introduces new governance and financial requirements for stablecoin issuers.

This development is in contrast to the situation in the United States where crypto operators face significant uncertainty. The Securities and Exchange Commission has sued Binance and Coinbase (COIN), arguing that the tokens traded on their platforms are regulated financial instruments.

The publication of the 200-plus pages of the law signals the formal passage of a bill onto the EU’s statute book. In legal terms, the two laws will come into force in 20 days’ time, and its provisions will apply on December 30, 2024, with certain provisions taking effect slightly earlier on June 30, 2024.

The political outlines of both laws were agreed upon last June, though the formal agreement was delayed several times as the final text had to be translated into the EU’s many official languages.

Read more: EU ‘Crypto Security’ Debate Turns New MiCA Law on Its Head

Edited by Parikshit Mishra.

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