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EU starts uniform crypto regulation: This is how the market is changing!
The EU regulation MiCA comes into force, harmonizes crypto regulations, strengthens consumer protection and introduces new licensing requirements.
EU starts uniform crypto regulation: This is how the market is changing!
The European Union's crypto regulation, known as Markets in Crypto-Assets (MiCA), has reached the implementation phase. This landmark regulation deals with the regulation of cryptocurrencies in the 27 EU member states and aims to create legal clarity and uniform standards. In addition to the necessary consumer protection, long-term market stability and transparency should also be promoted. Cointelegraph reports that from January 2025, crypto asset service providers (CASPs) will have to obtain licenses in order to legally operate in the EU.
The MiCA regulation paid particular attention to stablecoins, one of the most controversial components. Issuers must be authorized in the EU and submit an approved white paper. Strict requirements regarding governance and conflicts of interest as well as regulations for asset reserves play a central role. For example, issuers are not allowed to offer interest on tokens, which puts Tether's USDt (USDT), which does not seek MiCA compliance, in a difficult position.
Implementation and transitional regulations
The implementation phase of the MiCA Regulation provides for a transition period, allowing existing companies to have up to 18 months to comply with the new requirements. This means they need to prepare for the coming regulatory changes. BitGo has already proactively received a MiCA-compliant license in Germany and wants to position itself for institutional players within Europe. CEO Brett Reeves highlights the strategic importance of this adjustment.
The MiCA regulation also deals with the categorization of crypto assets into different classes. These include e-money tokens (EMTs), which are pegged to fiat currencies, and asset-referenced tokens (ARTs), whose value is pegged to multiple assets. This strict differentiation is part of the effort to ensure transparency and security. The requirements for self-hosted wallets are also important: For transactions over 1,000 euros, additional evidence must be presented.
Regulatory measures and challenges
From December 30, 2024, crypto service providers will be required to record the identity of senders and recipients in crypto transactions and report suspicious activity as part of the Transfer of Funds Regulation (ToFR). This is in line with MiCA's forward-looking objectives, which aim to improve risk management and protect consumers.
The permanent structuring of the regulatory landscape brings with it both opportunities and challenges. While the regulation potentially leads to a high level of legal certainty and improved consumer protection, there are concerns about the high compliance costs and possible barriers to innovation that could affect the crypto industry. In addition, the DeFi sector and the NFT business remain unaffected by the regulations, as these areas are not included in the MiCA regulation.
In summary, the MiCA Regulation, as the first comprehensive regulation for cryptocurrencies in Europe, represents a significant realignment in the crypto landscape. Reactions from the industry have been mixed, with regulators urged to provide clear guidance to avoid fragmentation and ensure compliance with the new regulations. Bitcoin 2go declares that the introduction of this regulation will usher in a new era of regulation for digital assets in Europe.