On Sunday, the first wave of the European Union's landmark, comprehensive law governing digital assets will take effect...provide legal and regulatory clarity for not one piece of the digital asset market, but all of it.
MiCA will have a profound effect of permanently bridging digital assets and the real economy and doing so in a characteristically European way... a uniquely American market.
MiCA aims to address this by giving euro-denominated stablecoins, which will be classified as e-money tokens under the EU's new rules, a chance at success and a 441 million-strong consumer market... stablecoins, which now exceed more than $150 billion.
While some aspects of MiCA are protectionist in nature, anchored on shielding European consumers and investors from the fraud and risks... and risks that have plagued fast-moving crypto markets, there is also a degree of economic and technological sovereignty at play.
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