MiCAR Tracker

As a regulation, MiCAR will be effective in each Member State without any transposition measures. However, Member States will still need to review and adjust their current legislation to meet MiCAR's requirements. This particularly relates to adjustments to the registration or licensing regimes introduced in accordance with AMLD5. Therefore, Member States are now in the process of aligning their local laws on crypto regulation to comply with MiCAR. The staged application of MiCAR will also need to be considered by the Member States.

MiCAR will apply to many types of crypto-assets, excluding financial instruments under MiFID II, bank deposits, or (truly) non-fungible tokens. Issuers of in-scope crypto-assets will face a white paper requirement and other obligations. Since 30 June 2024, issuers of stablecoins (falling under MiCAR’s definition of e-money tokens or asset-reference tokens) have faced even stricter requirements.

Furthermore, service providers will face a licence requirement. Subject to certain transitional periods (also depending on the single Member State), a licence will be required for providing crypto-asset services. Unlike the current fragmented landscape of regulation, under MiCAR, crypto-asset service providers will be able to passport their licence throughout the EU and provide services cross-border. This allows them to benefit from the internal market like never before.

Key

Timeline:

The task of adjusting local law must be completed by 30 December 2024.

The Bird & Bird MiCAR Implementation Tracker provides essential information to help businesses to monitor the status of implementation into national law. We are available to provide any further guidance you may need. If you have any questions or would like to know more about how we can help you to prepare for the European crypto regulation, please get in touch.