At one point it seemed as if the EU would comfortably have its regulatory framework for cryptoasset businesses in place before the UK did. But even if its Markets in Crypto Assets (MiCA) Regulation is finally voted through in April – having been delayed from November 2022 and then February of this year – there will still be an 18-month transition period that would push full implementation back to the final quarter of next year.
This gives the UK’s Financial Conduct Authority (FCA) plenty of time to act on the results of the consultation on proposals for regulating cryptoasset activities, which, with an April 30 deadline, could pass a matter of days (or even hours) after the MiCA vote.
The UK’s registration regime for cryptoasset businesses has been described by some as too onerous.
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