The Markets in Crypto-Assets Regulation (MiCA) has been updated with new laws that have been released by the European Union. These regulations are intended to categorize digital assets and cryptocurrencies.
The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA) come together to publish these recommendations on July 12th. The purpose of these guidelines is to standardize the classification of different crypto-assets.
Whether a token should be classed under MiCA or another category, such as e-money tokens (EMTs) or asset-referenced tokens (ARTs), is determined by a series of questions that are included in the new framework.
Issuers are required to submit comprehensive legal opinions in order to define the classes of their tokens. Feedback on these recommendations is welcome until mid-October, with a virtual hearing set for September 23.
The first rules imposed by the MiCA on stablecoins went into force on June 30th, and more regulations are anticipated to be implemented by December 2024. In the past, Circle has made certain that its stablecoins, USDC and EURC, are in compliance with MiCA regulations.
Also Read: Messari’s CEO endorses Donald Trump, criticizes the SEC, Vitalik Buterin, and immigrants
