Read

MN Coin

<div class="cryptonews">
 <p class="is-style-lead">According to the Oct. 17 report, MiCA regulations governing <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-asset services will not take effect until December 2024.</p>
 <p>This means that during this period, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-asset holders and service clients will not have access to EU-level regulatory protections and the ability to file complaints against <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-asset service providers with their National Competent Authorities (NCAs).</p>
 <h2 class="wp-block-heading" id="an-18-month-transition-period">An 18-month transition period</h2>
 <p>The statement&nbsp;highlights that even after Markets in Crypto-Assets Regulation (MiCA) regulations become applicable to <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-asset service providers, Member States have the discretion to offer a maximum 18-month “transitional period” to entities already offering <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-asset services in their respective regions, allowing them to continue operations without a MiCA license, commonly referred to as a grandfathering clause.&nbsp;</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Crypto companies seek more time amid new MiCA regulations
 </div>
 <p>This implies that <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-asset holders and clients of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-asset service providers may have to wait until as late as July 1, 2026, to enjoy the full spectrum of rights and protections granted under MiCA.</p>
 <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
  <div class="wp-block-embed__wrapper">
   <div class="rll-youtube-player" data-src="https://www.youtube.com/embed/9gw07HzfrQo" data-id="9gw07HzfrQo" data-query="feature=oembed"></div>
   <noscript><iframe title="Crypto regulation: EU agrees on first comprehensive framework for digital assets" width="1020" height="574" src="https://www.youtube.com/embed/9gw07HzfrQo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
   </noscript>
  </div>
 </figure>
 <p>ESMA and the NCAs state their commitment to persist in their efforts to encourage and uphold supervisory consistency throughout the implementation and transition stages of MiCA, which includes formulating shared principles and optimal approaches in readiness for their forthcoming supervisory responsibilities.</p>
 <h2 class="wp-block-heading" id="requesting-an-extended-transition">Requesting an extended transition</h2>
 <p>This comes one day after a&nbsp;report by the Independent&nbsp;that revealed that the Electronic Money Association, representing prominent fintech firms like Revolut and PayPal, has formally petitioned the Department of Finance for an extended transition period before the MiCA regulation is put into effect, seeking additional time to adapt to the upcoming regulatory framework.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Binance executive flags potential EU stablecoin removal amid MiCA uncertainty
 </div>
 <p></p> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/esma-cautions-retail-crypto-protection-in-eu-delayed-until-2024-tbt66738.html">https://thebittimes.com/esma-cautions-retail-crypto-protection-in-eu-delayed-until-2024-tbt66738.html</a></p>

ESMA cautions retail crypto protection in EU delayed until 2024

Table of Contents

TheBitTimes

Other articles published on Oct 17, 2023

Platypus Finance: Recovery of 90% of Stolen Assets After Recent Hack

Alien Worlds (TLM) Price Prediction 2024, 2025, 2030, 2040, and 2050

Australia’s central bank seeks to explore CBDC use

Binance.US Halts USD Withdrawals, No Longer Holds USD: New ToS

Bitcoin SV Price Prediction: Will BSV Price Rally to $50.00?

Ripple’s New Job Listing Sparks Speculation; Is an IPO Coming?

Join our free newsletter for daily crypto updates!