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• MiCA has been published in the EU’s official journal, kicking off a 20-day countdown for the regulation to “enter into force.”
• Regulations regarding stablecoins have an application timeline of 12 months, while regulations regarding other crypto assets and crypto asset service providers have an application timeline of 18 months.
• Several crypto businesses have already started moving to set up shop and expand business in the region.

MiCA Published in EU Journal

The European Union’s Markets in Crypto-Assets (MiCA) bill has passed two significant milestones: it received support from the EU Council in May, and it was finally published in the Official Journal of the EU (OJEU) on June 9th. This kicks off a 20-day countdown for the regulation to “enter into force.”

Stablecoin Timeline

Regulations regarding stablecoins have an application timeline of 12 months, implying they will be applicable by June 30th, 2024. On the other hand, regulations regarding other crypto assets and crypto asset service providers have an application timeline of 18 months, implying they will be mandatory from December 30th, 2024.

Crypto Businesses Responding

Several crypto businesses are already taking action to prepare for MiCA before its official implementation date. Gemini and OKX are some examples that are moving to set up shop and expand business in the region; Binance has asserted that they are at least 90% ready for their license when MiCA goes into effect.

What MiCA Covers

MiCA covers several aspects of cryptocurrency operations including stablecoin issuance, licensing for crypto asset service providers, and anti-money laundering rules. These rules will help bring clarity to cryptocurrency operators and give them more protection when engaging with customers or conducting transactions related to cryptocurrencies or digital assets.

Conclusion

The publishing of MiCA in its official journal is a major milestone that brings it closer towards becoming enforceable law within Europe, providing greater clarity and protections for cryptocurrency operators engaging with customers or conducting transactions related to cryptocurrencies or digital assets within Europe.

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