Eternity Law International — News — Following EU’s Crypto Rules Coming Into Effect, Do We Need MiCA 2.0?

Following EU’s Crypto Rules Coming Into Effect, Do We Need MiCA 2.0?

Published:
July 10, 2023

The European Union’s new crypto rules, set to take effect at the beginning of July, mark the culmination of 2,5 years of legislative efforts. However, forward-thinking lawmakers have already begun calling for a revised version of MiCA down the line, acknowledging that evolving market dynamics require continuous updates to ensure effectiveness.

Has the execution of MiCA 2 already begun?

MICA 2 refers to the MiCA, a proposed regulation by the Eurocommission for regulating digital assets. However, as of now, MICA 2 does not exist. There is currently no information available about what would be encompassed in MICA 2 or if it will even be introduced in the future. However, soon the Eurocommission will prepare reports addressing some of the existing grey areas in the legislative framework. In addition to DeFi, these reports may also encompass NFTs, which were not covered in the initial version of MiCA. Preparing a new version would only be initiated if these reports reveal enough challenges to start its advancement. Nevertheless, the primary focus in Brussels is currently on effecting MiCA 1.

What would be in MiCA 2?

While the possibility of implementing a 2nd MiCA may be distant, it has continued talks within the industry regarding potential inclusions if the law is updated. While MiCA has set a basis for regulating blockchain-grounded finance, it falls short when it comes to addressing specialized areas such as on-chain lending in DeFi. Additionally, there is a lack of clarity regarding token classification, including NFTs and their relation with financial tools. This issue is both crucial and controversial. As investors already utilize many of these innovations that MiCA doesn’t cover, they deserve clear guidelines and guarantees. Lawmakers emphasized the need to eliminate illicit actors from these fields.

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