I just discovered this story, and I am not in Europe so if anyone more informed than me wants to add to this or write their own article, I am just sharing some information here as I read it.
"The agreement, the full text of which is unreleased, still must be approved by the EU Council and Parliament. Following that, there will be a grace period before it enters into force in 2024."
https://www.sygna.io/blog/what-is-mica-markets-in-crypto-assets-eu-regulation-guide/
"Recent developments on this quickly evolving sector have confirmed the urgent need for an EU-wide regulation. MiCA will better protect Europeans who have invested in these assets, and prevent the misuse of crypto-assets, while being innovation-friendly to maintain the EU’s attractiveness. This landmark regulation will put an end to the crypto wild west and confirms the EU’s role as a standard-setter for digital topics."
-- Bruno Le Maire, French Minister for the Economy, Finance and Industrial and Digital Sovereignty
And more recently, last November 2022
"Markets in crypto-assets (MiCA) Briefing 29-11-2022
"The European Parliament will shortly vote on adopting the regulation on markets in crypto-assets (MiCA). The regulation would establish harmonised rules for crypto-assets at EU level, thereby providing legal certainty for crypto-assets not covered by existing EU legislation. By enhancing the protection of consumers and investors as well as financial stability, the regulation promotes innovation and use of crypto-assets. The regulation identifies and covers three types of crypto-assets, namely asset-referenced tokens (ART), electronic money tokens (EMT), and other crypto-assets not covered by existing EU law. The legislation would regulate issuance and trading of crypto-assets as well as the management of the underlying assets, where applicable, with additional regulatory rules aimed at 'significant' ART and EMT. The provisional agreement resulting from the negotiations aims at securing liquidity and redemption, and envisages the inclusion of the environmental impact of crypto-assets in communications to investors. First edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure."
"Under the legislation, not only must crypto companies keep the public informed about their pricing process and trading volumes in real time, but they must settle all trades the same day those trades happen. Exchanges must keep separate their own funds, including crypto, and funds belonging to their clients. The regulation also explicitly prohibits insider trading."
https://www.coindesk.com/consensus-magazine/2023/01/24/european-union-mica-crypto-regulation/
Overview of crypto asset class regulations in the EU and the US
"MiCA defines crypto assets as the digital representation of a value or right, which may be transferred and stored electronically by using for instance digital ledger technology (DLT). MiCA separates between three types of crypto assets:
- Utility tokens, which are crypto assets that are intended to provide digital access to a good or a service, available on DLT, and which are only accepted by the issuer of these tokens (e.g., a share of a company);
- Asset-referenced tokens, which are crypto assets aiming at maintaining a stable value by referencing one or more currencies that are legal tender, commodities, other crypto assets, or a combination of those assets; and
- E-money tokens, which are crypto assets used as a payment for a good or a service.
To avoid any overlap with other EU regulations, MiCA excludes from its scope financial instruments as defined by reference to MiFID, deposits and structured deposits, and e-money."
"Once authorized as a CASP, the service provider will benefit from the EU passport, meaning it will be able to provide crypto asset services across the EU."
https://www.lexology.com/library/detail.aspx?g=f0708c5a-a6a6-4954-931f-c66bc7679ecf
!PIZZA