News & Analysis as of

Cryptocurrency Cryptoassets European Union

A&O Shearman

New draft of Polish markets in crypto-assets act – evolution or revolution in the legislative process?

A&O Shearman on

Although the Regulation of the European Parliament and of the Council (EU) 2023/1114 of 31 May 2023 on crypto-assets markets (the MiCAR) was published in June 2023, the work on laws implementing it in Poland is still in...more

A&O Shearman

Amendments to Luxembourg laws to implement MiCAR and TFR: key takeaways and impact on VASPs

A&O Shearman on

On 21 May 2024, a bill of law n° 8387 was introduced before the Luxembourg Parliament. Its objective is to amend several pieces of Luxembourg legislation to operationalise various European regulations, in particular...more

Dechert LLP

MiCA Phase 1: ARTs and EMTs (Incl. Stablecoins) Need EU Authorization

Dechert LLP on

The first phase of the Markets in Crypto-Assets Regulation (MiCA) applies from 30 June 2024. Issuers of asset-reference tokens (ARTs) must be authorized in the EU, which includes submitting a detailed application and...more

Paul Hastings LLP

MiCA – ESMA’s Mandates for Crypto Market Abuse, Suitability and Crypto Transfer Services

Paul Hastings LLP on

Crypto-asset firms are increasingly focused on the impact of MiCA on their businesses both from the perspective of high-level strategy and in relation to changes to their day-to-day compliance arrangements. MiCA represents a...more

A&O Shearman

European Banking Authority Publishes Regulatory Products under the Markets in Crypto-Assets Regulation

A&O Shearman on

Under the Markets in Crypto-Assets Regulation, the European Banking Authority has published a package of technical standards and guidelines on prudential matters, namely own funds, liquidity requirements, and recovery plans....more

McDermott Will & Emery

Update für Kryptowerte-Dienstleister: Referentenentwurf zur Überführung nationaler Krypto-Regulierung in das MiCAR-Regime

McDermott Will & Emery on

Das Bundesministerium der Finanzen (BMF) hat am 5. April 2024 einen Referentenentwurf für zwei Rechtsverordnungen veröffentlicht, die den Übergang der nationalen Krypto-Regulierung in das europäische MiCAR-Regime erleichtern...more

A&O Shearman

Polish Crypto-Assets Act: a move towards tightening the market

A&O Shearman on

Last month the Polish government published a draft act on crypto-assets (the Draft Act) that aims to align the national legal framework with the EU regulation on crypto-assets. The Draft Act transposes the provisions of the...more

A&O Shearman

MiCAR under the microscope - Part 4: The CASP licensing regime

A&O Shearman on

To avoid potential risks to investor protection, as well as to financial stability within the European single market, the Regulation on Markets in Crypto-assets (MiCAR) is about to introduce a harmonised and dedicated set of...more

Goodwin

Marketing Crypto Assets to EU Investors Under MICA: ESMA’s First Take on Reverse Solicitation

Goodwin on

In our previous alert, we noted the statement of the European Securities and Markets Authority (ESMA) encouraging market participants and national competent authorities in EU member states to prepare for implementation of the...more

McDermott Will & Emery

FinmadiG und KMAG – Umsetzung der europäischen Krypto-Finanzmarktregulierung in Deutschland

McDermott Will & Emery on

Der deutsche Gesetzgeber hat auf die Vereinheitlichung der europäischen Finanzmarktvorschriften geantwortet: Im Oktober 2023 hat das Bundesministerium der Finanzen den Referentenentwurf für das Gesetz über die Digitalisierung...more

A&O Shearman

MiCAR under the microscope - Part 3: The issuance of stablecoins under MiCAR: Scope and requirements

A&O Shearman on

The huge expansion of crypto-assets over recent years and the popularity of their underlying technology (distributed ledger technology (DLT) or blockchain) have come with their share of challenges, including a significant...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 21

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

Lathrop GPM

European Union Markets in Crypto Assets Legislation

Lathrop GPM on

The European Union’s (“EU”) “Markets in Crypto-Assets Regulation” (“MiCAR”) defines crypto-assets as digital assets that may depend on cryptography and exist on a distributed ledger. A basic taxonomy distinguishes between (1)...more

BakerHostetler

Crypto Products Launch in Custody, Web3 Wallets, Debit Cards, Stablecoins; Regulators Address Stablecoins; OFAC and DOJ Announce...

BakerHostetler on

Crypto Custody Providers Launch Institutional Focused Offerings - According to a recent press release by BitGo, a major U.S. cryptocurrency custody provider, BitGo’s GoNetwork and Copper’s ClearLoop have entered into a...more

Skadden, Arps, Slate, Meagher & Flom LLP

A New UK Cryptoasset Framework: UK Government Publishes Consultation Response

On 30 October 2023, the HM Treasury (HMT) published its much-anticipated response (Consultation Response) to its March 2023 consultation paper (Consultation) on the UK’s future financial services regime for cryptoassets....more

American Conference Institute (ACI)

[Event] 2nd Forum on Digital Assets Compliance: AML, Sanctions and Regulatory Oversight - October 17th - 18th, New York, NY

With so many new, emerging risks coming to the forefront, ACI is excited to announce our Digital Assets Compliance: AML, Sanctions and Regulatory Oversight. Unlike other conferences, this highly anticipated event stands apart...more

Goodwin

Acquiring or Investing in EU Crypto-Asset Businesses: MiCA’s Impact

Goodwin on

As noted in our previous alerts “Marketing Crypto-Assets in and Into Europe: MiCA, the EU’s New Uniform Crypto Code” and “Doing Crypto Business in Europe: MiCA, the EU’s New Uniform Crypto Code – Part 2”, the European Union...more

A&O Shearman

UK Joint Money Laundering Steering Group Proposed Cryptoasset Travel Rule Guidance

A&O Shearman on

The U.K. Joint Money Laundering Steering Group opened a consultation on July 28, 2023 on guidance on the U.K. travel rule for cryptoasset transfers. The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations...more

A&O Shearman

Legal hot takes – the ECB’s Digital Euro

A&O Shearman on

The Digital Euro project is the European Central Bank’s (ECB) response to the changing landscape of consumer payments, driven by the rise of cryptocurrency, payment fintechs and electronic transactions. A Digital Euro would...more

Cooley LLP

EU Launches Groundbreaking Markets in Crypto-Assets Regulation

Cooley LLP on

In September 2020, the European Commission adopted a digital finance package with the aim of creating a supportive regulatory framework to enable the digital transformation of the European Union’s financial industry. It...more

White & Case LLP

MiCA Regulation: New regulatory framework for Crypto-Assets Issuers and Crypto-Asset Services Providers in the EEA

White & Case LLP on

On 29 June 2023, the Regulation (EU) 2023/1114 (the "MiCAR") entered into force. The MiCAR will apply from 30 December 2024, except for Titles III and IV, which will apply from 30 June 2024. The MiCAR introduces a new,...more

Goodwin

Doing Crypto Business in Europe: MiCAR, the EU’s New Uniform Crypto Code - Part 2

Goodwin on

As noted in our previous Marketing Crypto-Assets in and Into Europe: MiCAR, the EU’s New Uniform Crypto Code, the European Union (EU) Markets in Crypto-Assets Regulation (MiCAR) was published in the Official Journal of the...more

Skadden, Arps, Slate, Meagher & Flom LLP

EU and UK Move Forward With Comprehensive Regulatory Regimes for Cryptoassets

The European Union and U.K. are establishing comprehensive regimes for the regulation of cryptoassets. The Markets in Crypto-Assets Regulation (MiCA) was published in the Official Journal of the European Union on June 9,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Insights – June 2023

This edition of Skadden’s quarterly Insights looks at the latest trends in shareholder activism, the scrutiny companies are facing over their ESG disclosures and employment considerations for using AI in the workplace, among...more

A&O Shearman

MiCAR under the microscope - Part 1: MiCAR is law

A&O Shearman on

The European Commission has chosen the path of regulation for crypto-assets. This is with the aim of supporting innovation and fair competition, and ensuring a high level of consumer and investor protection and market...more

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