The Commission said that the Regulation has already been applied to issuers of Asset Reference Tokens (ARTs) and E-Money Tokens (EMTs) on 30 June 2024.

A transitional period has been set under Article 143(3) of MiCA. Specifically, CASPs that will be registered in the CASP Register before 30 December 2024 will continue to provide their services until 1 July 2026 or until they are granted or refused an authorisation pursuant to Article 63, whichever is sooner.

The Commission will proceed with the publication of the application documents pursuant to Article 62(1) of MiCA once the European Commission has issued the Regulatory and Implementing Technical Standards. Until these are published, interested parties may refer to the Draft Technical Standards issued by European Securities and Markets Authority (ESMA), to streamline the process by preparing their applications in advance.

“Today’s announcement of co‑ordinated international action on cryptoassets is a major step forward, marking another important milestone towards the widespread and co-ordinated approach to combat tax evasion through greater transparency and exchange of information,” Secretary-General Cormann said.

“We strongly welcome the extensive support being shown for quick action to make the international exchange of information collected under the OECD standard on cryptoasset reporting a reality. The international community can count on the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes to ensure that the tax transparency architecture remains both up-to-date and effective going forward.”

The Crypto-Asset Reporting Framework (CARF) is a key component of the International Standards for Automatic Exchange of Information in Tax Matters developed by the OECD under a G20 mandate. It provides for the automatic exchange of tax-relevant information on cryptoassets and comes against the backdrop of a rapid adoption of the use of cryptoassets for a wide range of investment and financial uses.