The Markets in Crypto-Assets (MiCA) regulation, finalized in 2024, aims to create a standard framework for cryptocurrency operations across the European Union. Designed to enhance transparency and consumer protection, MiCA categorizes tokens into electronic money tokens, asset-referenced tokens, and other crypto assets. Notably, it bans algorithmic stablecoins and mandates that all token issuers produce detailed whitepapers for clarity. Additionally, Crypto-Asset Service Providers (CASPs) are required to register within the EU, maintain transparent operations, and comply with stringent anti-money laundering regulations.
The MiCA regulation aims to provide a clear framework for crypto operations in the EU, focusing on fostering transparency while ensuring consumer protection across member states.
Under MiCA, stablecoins like EMTs and ARTs must adhere to strict rules including reserves and authorization, while algorithmic stablecoins face complete prohibition.
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