Last Thursday, April 20, 2023, the European Parliament approved, after four years of analysis and two of legislative formulation, the new regulation for the cryptocurrency market. The so-called "MiCA" Regulation (Markets in Crypto Assets), is introduced with the aim of integrating and harmonizing the legislation of all the Member States of the European Union, replacing the existing legal frameworks and allowing users and holders of assets Digital companies have reliable and transparent information about what they are acquiring. MiCA aspires to regulate, any digital representation of value or rights that can be transferred and stored electronically, through decentralized registry technology or similar technology, paying special attention to service providers that are in charge of managing cryptocurrency custody portfolios, as well as well as all those platforms dedicated to the exchange and negotiation of digital assets. The Regulation will be applied directly in all the countries of the European Union, without the need for the existence of National Laws. Delays in approval by the European Parliament have caused the MiCA Regulation not to enter into force until mid-2024 (another part will not do so until early 2025). A “vacatio legis” period of 18 months is foreseen from its publication in the Official Journal of the European Union, with the aim of allowing member states to adopt measures before their full implementation. From its entry into force, the Regulation will oblige all crypto service providers to act honestly, fairly and proportionally and to comply with a series of specific obligations (including the following):

• The creation of administrative bodies competent to exercise their position.
• Contracting insurance policies or holding minimum guarantee funds.
• The notification of changes in their administration structures.

In addition, any service provider who wishes to offer or promote a digital asset must previously publish a technical document containing the central information on the characteristics, rights and obligations related to the project. The imposition of such specific measures and obligations on digital asset issuers and service providers aims to protect the user from abuse and manipulation of the market, endowing it with integrity and protecting the investor.