Published in the Official Journal, MiCA will apply on December 30, 2024

New step with the publication from MiCA at Official Journal of theEU. Certain provisions will thus come into force effective from June 30, 2024. For key measuressuch as theapprovalthe law will apply from December 30, 2024.

A further step has just been taken in the regulation of digital assets and the digital asset industry in France. Europe. On this side of the Atlantic, relations between authorities and crypto companies seem radically different.

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A few weeks after MiCA was approved by the members of the Economic and Financial Affairs Council (ECOFIN), the law was published in the Official Journal of the EU. The clock is now ticking on the implementation of these key measures.

MiCA license for PSANs extended by 18 months

In concrete terms, MiCA – but also the TFR – will come into force in 20 days from publication. However, there is a time limit for effective application. The legislative provisions will apply on December 30, 2024.

It should be pointed out, however, that some of the provisions of the law will be applied upstream, i.e. from June 30, 2024. What about European approval for digital asset service providers (PSAN/CASP)?

Visit PSAN already approved under national frameworks will benefit from a accelerated and simplified MiCA authorization procedure. In addition, they benefit from an 18-month postponement after implementation to obtain their MiCA license.

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This maximum 18-month period will therefore start to run from the 4th quarter of 2024. CASPs therefore have until the second quarter of 2026 to obtain the compulsory approval required by MiCA.

Crypto conglomerates under scrutiny

For crypto players with ambition international and not just national, the MiCA license represents a strategic and even competitive challenge. It enables them to market their services on a European scale.

As far as the supervision of PSANis entrusted to the company’s national authority. However, as soon as the company has more than 15 million active users, the national supervisor will have to approach the national authority.ESMA.

In principle, therefore, this framework should apply to large exchanges, the crypto conglomerates that worry regulators because of the systemic risks they could generate.

The existence of these providers requires “identifying and monitoring the risks associated with the concentration of their activities”, says Denis Beau of the Banque de France.

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