On 30 June 2022, the Council and the Parliament of the EU achieved a provisional political agreement on the proposal for a regulation on markets in crypto-assets (“MiCA”). The agreement marks the conclusion of the trilogues commenced on 31 March 2022, and represents a turning point in the legislative process towards the MiCA. Along with the political agreement, the co-legislators have released a final text that will most likely be adopted.
Coordination issues might, though, arise between the new licensing regime applicable to crypto-asset service providers under the MiCA and those already in force in some Member States, such as Italy.
We describe below some key features of the MiCA from official EU press, while awaiting the pulished final version, with preliminary comments on the interplay between new and existing licences for crypto-asset service providers.