The European Commission, EU lawmakers, and member states have agreed upon a landmark regulatory framework for Markets in Crypto-Assets (MiCA).
On June 30, European Union policymakers hammered out an agreement on what will become the first major regulatory framework for the cryptocurrency industry.
The Markets in Crypto-Assets legislation will make things more challenging for crypto exchanges and stablecoin issuers operating in Europe. Under the new regulations, stablecoin issuers such as Tether and Circle will be required to maintain reserves to meet any mass redemption requests. They could also face limits of 200 million Euros in daily transactions, according toThe European Securities and Markets Authority has been given more powers to restrict or ban crypto companies that are not deemed to be doing enough to protect investors.
European Parliament policymaker Stefan Berger labeled the industry the ‘Wild West’ vowing to clean it up:“Today, we put order in the Wild West of crypto assets and set clear rules for a harmonized market that will provide legal certainty for crypto asset issuers, guarantee equal rights for service providers and ensure high standards for consumers and investors.”
MiCA Trilog: Durchbruch! Europa ist der erste Kontinent mit einer Krypto-Asset Regulierung. Parlament, Kommission & Rat haben sich auf ausgewogene
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