The French Financial Market Authority declared that the Markets in Crypto-Assets (MiCA) legislation will go into effect in January 2025. The MiCA framework is intended to replace the existing crypto regulatory frameworks in each EU country.
This will serve to streamline crypto-asset regulation across the EU and create a more consistent approach to digital asset regulation. However, it should be emphasised that the MiCA framework does not currently include restrictions for Non-Fungible Tokens (NFT) and Decentralised Finance (DeFi). Relevant EU authorities will continue to review the need to regulate NFT and DeFi in the future.
The AMF (Autorité des marchés financiers) has already given their permission to iExec Marketplace. As a result of receiving clearance from a key regulatory agency, iExec may be positioned as a market leader in the cryptocurrency sector. It is crucial to note that this approval was issued prior to the implementation of MiCA regulations in 2025, which may have an influence on the company’s activities in the future.
It is worth mentioning that the implementation of MiCA legislation may have an influence on the EU crypto market. The uniform regulatory framework may serve to bring more stability to the market, but it may also inhibit industrial innovation. Furthermore, the omission of NFT and DeFi from the MiCA framework may lead to regulatory fragmentation.