Croatia today made a significant announcement by swiftly establishing clearly stated rules to attract crypto activity to the country and facilitate a move to become an EU passporting hub.
While the implementation of the European Union’s crypto law, MICA, will take time, some EU nations including France and Croatia are already taking the initiating steps to apply the law’s provisions to their markets.
Croatia Regulators Adopt Rulebook
In addition, Croatia’s financial regulators have adopted a rulebook directing crypto firms to register within the 60-day mark, serving as a transitional era before MiCA goes live in 2024 in an attempt to start ahead of the law’s regulation.
Nonetheless, the Croatian regulatory rulebook has garnered favorable comments. Vlaho Hrdalo says the rulebook is a very good introduction to MiCA, It is not MiCA but it will serve a unique purpose in this transitional phase.
What Is The MiCA Rugulation?
The Markets in Crypto Assets Regulation (MiCA) was initiated in June 2023. The regulation consists of a credible number of Level 2 and Level 3 steps that must be developed before the entry into application of the new regime. (within a 12-to-18-month deadline based on the mandate).
During the implementation phase of MiCA, ESMA (in close cooperation with EBA, EIOPA, and the ECB) is consulting the general public opinion on a measure of technical standards that will be implemented sequentially in three packages.
Furthermore, the goal is to deliver draft level 2 and 3 measurable steps that incorporate feedback from the public as soon as possible to compare the results and adopt the needed.
Notably, the entry date into the application of the measures is subject to the initial adoption by the European Commission and approval by the European Parliament and the Council of the EU.
However, the aim of the supervisory convergence work is to maintain alignment on supervisory results in harmony with entities offering crypto-asset services across EEA jurisdictions.