European government officials have been busy the past several weeks as efforts to improve the guardrails around the digital commerce and blockchain ecosystems finally came to fruition. Let’s review.
MiCA
Regarding the new Markets in Crypto-Assets (MiCA) regulation framework agreed to on June 30, Stefan Berger, a German centre-right lawmaker who helped lead the European Parliament’s negotiations was widely quoted as saying, “Today we put order in the Wild West of crypto assets and set clear rules for a harmonised market.” He added, “The recent fall in the value of digital currencies shows us how highly risky and speculative they are and that it is fundamental to act.”
CNBC described some of the regulation’s most restrictive elements:
“Under the new rules, stablecoins like tether and Circle’s USDC will be required to maintain ample reserves to meet redemption requests in the event of mass withdrawals. Stablecoins that become too large also face being limited to 200 million euros in transactions per day.”
Continue reading “A Wave of Regulation Sweeps Digital Europe and The Blockchain Industry”