The European Parliament also approved rules on the information requirements to accompany transfers of funds and crypto assets in conjunction with the MiCA vote.
MiCA lays out a framework for the European Union’s approach to regulating the cryptocurrency sector. Under the text of the legislation, the issuance of cryptocurrencies will be brought under the wing of institutional regulation, and it establishes a new regime for crypto-asset service providers across the EU’s member states.
“Introducing new crypto-specific laws will allow for greater transparency, better protection for retail investors, and, in general, a far more stable and secure market,” he said. “I suspect more broadly across the EU we will see an increase in economic activity.” Reactions from regulators since MiCA’s passage in April have been largely positive, with some focusing on the ways it can be implemented while others see inspiration in it for their own jurisdictions.
It will also require the issuance of the stablecoins to cease if the tokens reach over 1 million transactions per day.
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