As the European Union attempts to instill confidence among crypto investors through regulatory provisions, recent developments indicate that these protections might take longer to materialize than anticipated.
MiCA: A “Beacon” Of Hope Delayed?
On October 17, the European Securities and Markets Authority (ESMA), responsible for governing securities within the European Union, stated the transition to MiCA, the Markets in Crypto-Assets Regulation.
The MiCA framework aims to provide a standardized regulatory approach to crypto assets and associated service providers across the EU. However, ESMA has emphasized that these MiCA provisions won’t take effect until December 2024 at the earliest.
According to the report, this timeline suggests that European crypto investors should exercise extreme caution, given that the comprehensive protection provided by MiCA won’t be implemented for at least another couple of years. The authority’s statement highlighted:
Holders of crypto-assets and clients of crypto-asset service providers will not benefit during that period from any EU-level regulatory and supervisory safeguards.
The Transitional Gray Area: Implications For Crypto Investors
The ti
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Author: Samuel Edyme
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