European Crypto Firms Urged to Prepare for New Laws Today, Not Tomorrow: Chainalysis Warns
Crypto firms are being advised to start preparing for the European Union's upcoming crypto laws, known as Markets in Crypto Assets (MiCA), even though they won't be enforced until the end of next year. Chainalysis's head of policy for Europe, Janet Ho, emphasized the need for businesses and regulators to avoid complacency and begin getting ready for MiCA as soon as possible. The regulation will require crypto-asset providers and stablecoin issuers serving customers in the EU to comply with new obligations. While MiCA will become law on June 29, 2023, the rules will be implemented gradually, with full enforcement expected by the end of 2024.