Aleksei Dmitry Melnik 
The European Union (EU) has taken a significant stride in the regulation of the crypto-assets sector with the adoption of the Regulation on Markets in Crypto-Assets (MiCA) by the Council.
This noteworthy achievement signifies the establishment of a comprehensive legal framework at the EU level, specifically designed for the crypto-assets industry. The framework aims to ensure the safeguarding of investors, the prevention of money laundering, and the promotion of innovation.
Extensive Scope and Consistent Regulation
Expressing her contentment with the newly implemented regulation, Elisabeth Svantesson, the Minister for Finance of Sweden, remarked, “Today, we are fulfilling our commitment to regulating the crypto-assets sector. Recent events have underscored the immediate necessity for implementing rules that provide enhanced protection for European individuals who have invested in these assets while also deterring the exploitation of the crypto industry for illicit financial activities and terrorism financing.”
The Regulation on Markets in Crypto-Assets (MiCA) adopts a wide-ranging approach, encompassing various entities and activities prevalent in the crypto-assets industry. It introduces a comprehensive framework that addresses issuers of utility tokens, asset-referenced tokens, and stablecoins.
Furthermore, MiCA extends its regulatory reach to cover crypto-asset service providers, including trading venues and wallets. These entities are required to adhere to stringent anti-money laundering regulations, ensuring the prevention of illicit financial activities.
Inclusion And Exclusion Of Assets Under Mica
The ambit of MiCA extends to a broad spectrum of crypto assets, encompassing assets that possess a digital representation of value or rights. These assets employ cryptography for security and exist in the form of coins, tokens, or any other digital medium. They are transferred and stored electronically, utilizing distributed ledger technology or similar technological frameworks.
Anti-Money Laundering Measures For Crypto Companies
Acknowledging the significance of countering money laundering and the financing of terrorist activities, MiCA incorporates robust anti-money laundering measures specifically designed for crypto companies.
Under MiCA, crypto companies will be obligated to furnish information concerning the senders and recipients of crypto assets to their respective local anti-money laundering authorities.
