Since the earliest first draft of a European Crypto-asset regulation, we are following on the developments of MiCAR. Entered into force last summer as Regulation (EU) 2023/1114, we are currently in a transition period before MiCAR will start to apply in two steps: (i) Provisions on stablecoins (asset-referenced token and e-money token) during this summer, and (ii) the rest of MiCAR end the very end of this year.