What it means for EU member states?
Market in Crypto Assets (MiCA) and Transfer of Funds Regulation (TFR) were published in the Official Journal of the European Union (EU) on Friday 9th 2023 .
- The regulations will enter into force 21 days after their publication. This means that the rules will be legally recognized throughout the EU on June 30th 2023.
- The regulations will take into effect on 30th December 2024.
The MiCA regulation aims to standardize crypto-related activities within the EU, enhancing investor protection by imposing obligations on governance arrangements, marketing of crypto, and preventing market manipulation.
Transfer of Funds Regulation (TFR)
The TFR mandates that financial institutions and Crypto Asset Providers (CASPs) obtain, store, and exchange certain information regarding the originator and beneficiary of transfers, regardless of the transfer amount.
This requirement aims to enhance the prevention of money laundering and terrorist financing (ML/TF) activities.
The regulations are directly applicable in all EU member states and do not need transposition into national regulations.