Last week, the Government of Slovenia has approved the draft for national implementation law for Markets in Crypto Assets Regulation (MiCA) and passed it to the Slovenian Parliament for deliberation. MiCA has been the most heavily-anticipated legal act in crypto community for quite some time now, with the European Union traditionally taking the global lead in the regulation of new technologies.
MiCA establishes comprehensive rules on issuance and trading of Crypto Assets on the European market, setting standards and requirements for Token Issuers and Crypto Asset Service Providers (CASPs). This act, along with other Legislative Proposals within the EU’s Digital Finance package aims to foster innovation and development of new technologies while increasing investor protection and financial stability by removing fragmentation on Digital Single Market and setting a framework for cooperation between National Competent Authorities and European Supervisory Authorities.
Draft law on MiCA implementation sets Slovenian Central Bank (Banka Slovenije) as the regulator for Electronic Money Token (EMT) Issuers, while Slovenian Securities Markets Agency (ATVP) will supervise Asset Referenced Token (ART) Issuers and CASPs.
The draft law does not include an additional transitional period. Therefore, if draft law passes parliament deliberation, MiCA will apply in full on 30 December 2024.
