EU institutions agree to put the “Wild West” market of crypto assets in order.
Representatives of key EU institutions and member states reached an agreement on the Markets in Crypto Assets regulatory proposal.
MiCA to Improve Customer Protection in Europe’s Crypto SpaceThe important regulation confirms the European Union’s role as a standard-setter for digital issues, the EU said. MiCA will give crypto issuers and providers of related services a “passport” to serve clients across the Union while obliging them to meet “strong requirements to protect consumers’ wallets and become liable in case they lose investors,” a statement emphasized.
Furthermore, stablecoin holders will be offered the security of a free of charge claim at any moment, a move that according to some in industry, such as the Blockchain for Europe lobby group, may lead to a situation in which “stablecoins will basically have no ways to be profitable.”