The New EU Crypto Regulatory Framework (MiCA Regulation)

The European Parliament has voted to approve the Regulation on Markets in Crypto-Assets - MiCA, which is expected to establish the first pan-European harmonized and comprehensive regulatory framework for crypto-assets and related services and activities.

The European Parliament has voted to approve the Regulation on Markets in Crypto-Assets ("MiCA"), which is expected to establish the first pan-European harmonized and comprehensive regulatory framework for crypto-assets and related services and activities.

MiCA introduces uniform requirements for the issuance, offering and market placement of different types of crypto-assets, as well as creates one of the most encompassing regulatory regimes globally for the operation of crypto-asset service providers and for the performance of crypto-asset related activities.

MiCA will apply not only to entities established in the EU, but also to entities conducting the covered activities in the EU, regardless of their place of origin.

Failure to comply with MiCA can result, among others, in substantial fines (which in certain cases may reach 12.5% of the total annual turnover of the entity or more), periodic penalty payments, withdrawal or suspension of the authorization or offer and removal or ban of natural person from managerial positions.

To assist with understanding and navigating between the novel requirements under MiCA, we are pleased to share Herzog’s MiCA Guide, providing explanation about its scope, key practical takeaways and insights.

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