MiCA regulatory technical standards

Did you know that although MiCA is a regulation and not a directive, it still requires a form of implementation?

EU directives mandate integration into Member States' local laws, which often leads to additional, unforeseen rules (commonly termed "gold plating") or instances of non-implementation (we know something about it as we professionally verify the implementation of certain directives in Poland). Such variations can lead to noticeable differences between jurisdictions, even though all local rules should be anchored in the same principles stemming from the particular directive.

MiCA is a regulation, which means it is directly applicable across all EU Member States. While MiCA does require translation, the essence typically remains intact (so no "lost in translation" here, pun intended). It's noteworthy that MiCA anticipates supplementary regulations to aid its implementation. These are termed "regulatory technical standards" designed to clarify specific MiCA provisions. MiCA projects that these regulatory technical standards will be established by EU regulatory authorities, specifically ESMA and EBA. It's also worth mentioning that the provisions enabling the establishment of these standards came into effect on June 29 this year, with both EBA and ESMA having already initiated their respective tasks on these standards.