The Markets in Crypto-Assets regulation came into full effect in the European Union at the end of 2024, completing a legislative process that began in 2020. MiCA is, by any measure, the most comprehensive crypto regulatory framework enacted by any major jurisdiction. It is also, by the assessment of most practitioners who have spent the past year implementing compliance against it, a framework with genuine strengths, notable gaps, and implementation details that will be litigated for years.