Cryptoassets and tokens

Regulation (EU) 2023/1114 of the European Parliament and of the Council of May 31, 2023 on crypto-asset markets and amending Regulations (EU) No. 1093/2010 and (EU) No. 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, popularly known as the MiCA Regulation (hereinafter “MiCA” or “Regulation”), is the EU’s response to the dynamic development of the crypto-asset market. The Regulation, in principle, will be fully enforceable from December 30, 2024. In principle, because the rules for e-money tokens (EMTs, or “e-money tokens”) and asset-referenced tokens (ARTs, or “asset-referenced tokens”) will be applied earlier, from June 30, 2024, just over three months from now. In this article, we will focus on EMTs.