ESMA cautions retail crypto protection in EU delayed until 2024
According to the Oct. 17 report, MiCA regulations governing crypto -asset services will not take effect until December 2024. This means that during this period, crypto -asset holders and service clients will not have access to EU-level regulatory protections and the ability to file complaints against crypto -asset service providers with their National Competent Authorities (NCAs). An 18-month transition period The statement highlights that even after Markets in Crypto-Assets Regulation (MiCA) regulations become applicable to crypto -asset service providers, Member States have the discretion to offer a maximum 18-month “transitional period” to entities already offering crypto -asset services in their respective regions, allowing them to continue operations without a MiCA license, commonly referred to as a grandfathering clause. You might also like: Crypto companies seek more time amid new MiCA regulations This implies that crypto -asset holders and clients of c...