The passage of the Markets in Crypto Assets (MiCA) bill in the European Union marks a significant milestone in the legislation of the crypto industry. This comprehensive bill, part of a larger set of financial laws known as DORA, has prompted many crypto companies to consider relocating their operations.
Despite being published in June 2023, MiCA has already undergone two consultation sessions, with another scheduled for April, before certain provisions take effect in June 2024, and the rest in December 2024.
One of the key adjustments to the bill involves the proposed exceptions that would give European customers more freedom while still protecting less tech-savvy individuals.
Reverse Solicitation Provision
The European Securities and Markets Authority (ESMA) has submitted a paper that considers prior feedback and makes exceptions for non-EU companies when necessary. This provision aims to allow experienced crypto investors more legal avenues to invest, while still safeguarding less experienced investors.
ESMA also seeks feedback on the possible classification of crypto assets as financial instruments, which could have implications for regulatory oversight.
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