Publication in the Official Journal of the Luxembourg law designating the CSSF as the competent authority for MiCAR
A new step has been taken in the implementation of the European Digital Finance Package through the publication on 10 February 2025 of the national Law of 6 February 2025 in the Official Journal which officially designates the CSSF as the competent authority within the framework of Regulation (EU) 2023/1114 on markets in crypto-assets (“MiCAR”). This law entered into force on the day of its publication and implements other regulations such as Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets.
As a reminder, MiCAR has become fully applicable since 30 December 2024, the date on which regulatory obligations took effect for crypto-asset service providers (“CASPs”). The CSSF is now provided with the supervisory and investigative powers necessary to exercise its functions and has an appropriate sanctions regime in place to ensure the application of the said regulation, the objective of which is to create a harmonised framework for crypto-assets and their players, whether traditional institutions in the financial sector or new emerging players in the crypto ecosystem.
The Law of 6 February 2025 also provides details on the transitional measures targeting virtual asset service providers (“VASPs”). VASPs registered with the CSSF before 30 December 2024 in accordance with Article 7-1 of the amended Law of 12 November 2004 on the fight against money laundering and the financing of terrorism as in force as of 30 December 2024, shall remain registered in the VASP register established by the CSSF until 1 July 2026 or until they are granted or refused authorisation under Article 63 MiCAR, whichever is sooner.
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