With new rules under Regulation (EU) 2023/1114 on Markets in Crypto-Assets (Markets in Crypto-Assets Regulation – MiCA), virtual asset service providers operating in Europe are looking for favorable jurisdictions to establish their EU operations and the opportunity to passport their MiCA license in all EU Member States.
The analysis of the national transitional regimes plays
On 20 April 2023, the European Parliament adopted Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA). The European Council approved MiCA on 16 May 2023; it was published in the Official Journal of the European Union on 9 June 2023.
A limited number of rules set out in MiCA are already in force, but most
The latest negotiations on the EU’s crypto-assets Markets in Crypto-Assets Regulation (MiCAR) have seen the European Parliament Committee on Economic and Monetary affairs (ECON Committee) refusing to order a ban on crypto-assets using the common, but highly energy-consuming, Proof of Work consensus mechanism (PoW).