Crypto market faces potential paralysis over MiCA deadline
The National Association of Payment and Electronic Money Institutions (Associação Nacional de Instituições de Pagamento e Moeda Eletrónica or ANIPE) has warned that the Portuguese crypto-asset market risks paralysis following the end of the transition period for the European Markets in Crypto-Assets (MiCA) regulation on July 1st. The association has requested urgent clarification from the Bank of Portugal (Banco de Portugal) and the Securities Market Commission (Comissão do Mercado de Valores Mobiliários or CMVM) regarding the status of pending authorization processes.
The CMVM is Portugal's securities market regulator (Comissão do Mercado de Valores Mobiliários), which supervises stock markets, investment firms and investor protection. The CMVM will shortly present a proposal to the Government for Savings and Investment Accounts (CPI), so investors should follow the proposal for changes to retail investment options.
MiCA (Markets in Crypto-Assets) is a comprehensive European Union regulation designed to standardize rules for crypto-asset service providers across all member states. It requires companies to obtain specific authorization to operate, ensuring greater consumer protection and market transparency compared to the previous fragmented national frameworks.
