According to Odaily, the European Union's crypto asset regulation law, known as the Markets in Crypto Assets Regulation (MiCA), became law in 2023. The law sets licensing requirements for cryptocurrency issuers and service providers, with stablecoin rules coming into effect in June. However, Rowan Varrall, Deputy Director of the DTI Foundation, explained that issuers of Asset Reference Tokens (ART) and Electronic Money Tokens (EMT) must begin sustainable disclosures from June 30, 2024. Crypto asset service providers must start setting disclosure requirements before the end of the year.
Despite clarifications made by the European Securities and Markets Authority (ESMA), several of the EU's crypto asset service providers (CASPs) may not be aware of the correct deadline for sustainable disclosures. The MiCA law aims to provide a comprehensive regulatory framework for crypto assets, ensuring their stability and transparency in the market. The law's implementation is expected to have significant implications for the crypto industry in the EU, particularly for issuers and service providers.
