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Author: Sandali Handagama, Coindesk; Compilation: Tao Zhu, Bitchain Vision Realm
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EU member states are preparing to execute MICA, which is a milestone encryption method that requires national regulatory agencies to issue licenses to service providers and supervise.
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Policy observers said that MICA is a European -level regulations, but countries can implement slightly different technical standards, and cryptocurrency companies should strictly follow these standards.
Policy observers said that 27 member states of the European Union are preparing to implement its milestone encryption law in this year, hoping that companies that develop business in the European Union should pay attention to the actions of authorities of various countries.
A few months later, the special rules of the crypto asset market (MICA) supervision will take effect on the special rules of stable currency issuers, and will subsequently perform extensive permission and other requirements for encrypted companies in December.
After spending three years in European governments to formulate a regulatory framework,Mica was voted in 2023 as a law.Once effective, cryptocurrency companies such as issuers, exchanges and wallet providers will be able to operate throughout the European Union if they obtain permission in any member state.
This meansEach jurisdiction must transform the regulatory of the European Union into local laws, to choose which regulatory agency to supervise cryptocurrencies, and prepare to authorize token issuers and other service providers.
For some EU countries (such as Germany, France, etc.), which have a strict system that chooses through strict systems, transitioning to the MICA era may not be a major change.For some other countries, this change may be of great significance and bring a new burden to the local authorities.
Coindesk contacted all 27 countries’ regulatory agencies and government departments to ask their ideas and progress on MICA. As of press time, 20 of them responded.These countries are in different preparations.
At least 10 countries are finalized or have been finalized.Other countries are not so leading, but experts said that there is still time to make everything orderly.
Sophie Lessar, a partner of DLA Piper Law Firm, who focuses on fintech and digital financial services, saidMICA is a regulations covering the EU, which means that it takes effect directly throughout the European Union within the agreed period.
“The rules will take effect. No regulatory agency will take any measures to prevent this,” she said in an interview.
However, Lessar added that some technical requirements must be implemented at the national level.
Although the national authorities have decided to implement some more flexible technical standards under MICA (such as how long it will last for the exemption period or the regulatory cost structure), cryptocurrency companies should also prepare for the compliance andRealize the subtle differences in the implementation of the national level.
“The key is to make people understand, what does this mean for my business? Where do I do business? If the national authorities have the ability to be slightly different during the implementation process, is there any difference?” Lessar said.
Choose a regulatory agency
European countries are at different stages of converting Mica into local laws, which may involve decisions that the local regulatory agency is responsible for supervising cryptocurrencies -known as the national authority (NCA) in the MICA text -and whether to determine whether the system is allowed to allow the system to allow the systemThe transition period.
Marina Markezic, co -founder of the European Crypto Initiative (EUCI), who has been following the progress of national legislation (EUCI), saidWith MICA, it is expected that local regulatory duties may be assigned between a country’s market regulatory agencies and central banks (to deal with stable currency).
For example,France has designated its financial regulatory agency AMF and bank regulatory agency Contrôle Prudentiel Et de R as its MICA regulatory agencyAccording to France No. 9 law.
AMF pointed out that it is trying to keep its existing digital asset service provider supervision requirements with the authorization requirements under MICA.
Croatia’s goal is to establish a similar mechanism. Once national legislation is approved, MICA’s duties will be assigned between Croatian national banks and financial regulatory agencies Hanfa.
The regulatory agency stated in a statement: “HANFA will issue a license to the operation of the encrypted asset service provider and supervise it … However, according to MICA’s requirements, Hanfa will not approve the encrypted asset white paper.”
Markezic said,None of the two financial regulatory agencies such as Slovakia and Hungary, so cryptocurrency supervision will be completely responsible for its central bank.The Hungarian central bank MNB confirmed that it was designated as a cryptocurrency regulatory agency through the national MICA legislation.
Although this is more of an organizational issue, regulators may be too heavy due to permitted requirements.
Lithuanian Bank’s board of directors, Rosvaldas Krušna, said the new demand for cryptocurrency to obtain approval “will bring major challenges to the central bank responsible for handling permits.”
“In view of Lithuania, there are about 580 (encrypted asset service providers), Lithuanian Bank has started preparations in advance. We believe we are ready to be fully prepared,” Cruusna said.”We have invested a lot of resources to prepare, including extra personnel and tools required for supervision.”
EUCI policy expert Anja Blaj saidSlovakia may not have enough financial markets to establish a second regulatory agency.
“I want to say that this is also related to the overall fragmentation of the operating methods of EU member states and the differences in the financial market,” BLAJ continued.”Because this is still a matter of specific members of the member states. Although we have a lot of regulations, or more regulations will be introduced in this field, it is still specific in member states.”
The BLAJ and EUCI team have been talking to the industry representatives of member states. They said that the cryptocurrency industry in each country has its own concerns about implementation and proposed laws and NCA formulation.
National legislation
According to regulators,Parliament in Austria, Estonia, Denmark, Croatia and other countries still need to approve the national legislative draft to be consistent with MICA.
“The Danish Parliament is currently authorized to authorize the Danish Financial Supervision Bureau (DFSA) to become the national competent institution of Danish MICA.Tobias Thygesen, the head of DFSA Fintech, Payment Services and Governance Department, said: “It is expected that this move will be implemented in spring.”
Croatia plans to implement MICA rules through legislation in the second half of 2024, HANFA, the country’s financial regulatory agency, pointed out, andThe Portuguese Bank stated that the country has not designated state authorities.
It is reported that,Ireland, Slovenia, Poland and Lithuania have also conducted public consultations on the draft legislative case.
As of press time, regulators in Belgium, Bulgaria, Greece, Malta, Romania, Slovakia and Sweden have not responded, while regulators of Italy and the Czech Republic have refused to comment.
Exemption period
Lessar said,One of the areas that may have differences in MICA in various countries are its exemption period, That is, the time to allow cryptocurrency to continue to operate in accordance with the old rules while transitioning to the new system.
She added that cryptocurrency companies need to be careful between different transition periods when they start operations in the European Union.
Although MICA allows countries to be optional for 18 months, the European Union market regulatory agency has since called on to limit it to 12 months.
The State Securities Market Committee (CNMV) of the Spanish Financial Supervisory Institution pointed out that the country will implement a 12 -month exemption period. MICA -authorized cryptocurrency companies and unauthorized cryptocurrency companies will operate “at the same time.
CNMV said: “This will be a related challenge for NCA.” He added that regulators must make “huge” efforts to allow users to clearly understand the difference.CNMV said that during the preparation process, 70 employees were planned to be responsible for the work of MICA and the European Union Cyber Security Law.
Finnish financial regulatory agency FIN-FSA said that Finland has not decided whether to implement a transition period for cryptocurrency companies registered in the country because the country is still preparing national legislation.
“The legislative proposal must be approved by the Finnish Parliament. It is expected that the country’s legislation will still be approved in the first half of 2024,” Elina Pesonen, head of the FIN-FSA market, pointed out in a statement.
Marine Krasovska, head of the financial technology regulatory department of Latvia Central Bank, pointed out thatThe Latvia Central Bank plans to start the license process on January 1, 2025 after a six -month exemption period and accept the application.She added that in order to make this process easier, it will pre -evaluate cryptocurrency companies that are interested in operating in the country.
The Dutch financial regulatory agency AFM said it has accepted the license application of cryptocurrency on April 22, 2024.If approved, the license will take effect when Mica takes effect on December 30, 2024.The Central Bank of the country (DNB) will say that AFM is dealing with stable currency supervision.
According to Croatia’s HANFA, it may use a full 18 -month exemption period.
“According to the current draft legal case, all people listed in the register (as of the end of 2024) will be able to use the Mica transition period to adjust (as of June 2026). During this period, they must adjust their operations and obtain HanfaMICA authorization operates as an encrypted asset service provider. HANFA said that the entity that did not provide crypto asset services before 2024 and hopes to start providing services after this date must be licensed to provide such services.
Future Outlook
For the first time, the regulatory agency that issued a license to cryptocurrency is expected to increase the workload. Just as the Spanish CNMV plans to hire new personnel, other regulators are also strengthening their team or providing them with the need to deal with the upcoming situation.
SpainCNMV means:“The competent national authority is already trying to adjust its ability and labor.”
Thygesen said,After Denmark finally determines the national legislation, DFSA will immediately accept the application of the enterprise.Regulatory agencies have set up “special MICA teams to implement”.
HungaryCryptocurrency regulatory agency said:“In order to effectively respond to the challenges brought by MICA, MNB adopted a number of organizational changes and set up a special board to focus on MICA -related affairs.”
EUCI’s Markezic said that according to MICA, countries have a say in formulating permits and compliance cost structures, which is expected to be more conducive to attracting and promoting the development of EU companies, rather than a deterrent role.
“Member states have considerable sovereignty over their own financial markets. They are their own markets, which means that to some extent, their behavior is similar,” Okay, I hope there are as many projects as possible to enter me as possible to enter me as possible.The ecosystem, because I can support its ecosystem. To some extent, this is how I compete with other members, “Markezic said.
At the same time, includingA number of regulatory agencies including AMF in France pointed out that they are still working with the EU Market Regulatory Agency (ESMA) and the Banking Authority (EBA) to consult the technical standards under MICA.
ESMA Executive Director Verna Ross describes the role of regulators in the implementation of MICA, that is, to provide more detailed guidance for the market and gather regulatory agencies.
It will take June as a preliminary deadline for regulatory technical standards and public opinion guidelines, and at the end of the year as the final deadline.
EU policy makers are considering revising MICA, which may expand its scope and tighten certain rules.
German cryptocurrency regulatory agency Bafin pointed out in a written statement: “MICA is an important first step in the supervision of crypto asset services and its provider.” “It also stipulates the further development of regulatory requirements, such as poolization, borrowing and loanIn terms of pledge, the borrowing of encryption assets is paid.
In terms of law enforcement, things seem to be carried out in the way it deserves.
“So far, the authorization bill and implementation rules have been on track. In addition, please remember that only MICA’s” stabilization currency “clause (chapter 3 and 4) will take effect at the end of June.” The European Commission’s financial sectorDigital and network security adviser Peter Keersters said in a statement.
The rest of the time is “a complete summer and a complete autumn, and even some winter,” he added.
