- The law will come into force after its publication in the Official Journal of the European Union
- But some provisions will not work until next year
- This is necessary so that suppliers have time to adjust to the new requirements
- An amendment to the tax directive was ratified along with the MiCA
- It aims to combat non-payers, who use “grey zones” to hide income
Yesterday, May 31, the President of the European Parliament and the Swedish Minister of Agriculture solemnly signed the Markets in Crypto Assets Act (MiCA). It will enter into force in a few weeks.
We wrote earlier that the EU Council approved the MiCA, and with it an amendment to the tax directive. As a reminder, this change in legislation aims to eliminate “gray zones” and reduce the number of non-payers among crypto-investors.
The law will take effect after publication in the Official Journal of the EU, which is expected later in June. Recall, MiCA is designed to create a unified legal framework for the cryptocurrency sector in 27 countries.
Normative act is aimed primarily at combating money laundering through cryptocurrencies and protect investors. It significantly expands requirements for CA providers (VASPs).
Note that some provisions of the bill, particularly the requirement for sufficient reserves, are likely to go into effect 12-18 months after publication. This is necessary so that counterparties have time to prepare for the new realities.