EU MiCA Regulations Set to Transform Crypto Landscape by End of Year
by aria-crypto.com
December 10, 2024 at 12:55
EU MiCA Regulations Set to Transform Crypto Landscape by End of Year
The European Union's new MiCA regulations are poised to significantly impact the cryptocurrency sector, especially focusing on service providers and stablecoin issuers. Despite their impending enactment at the end of the year, several EU countries including Belgium, Italy, and Poland are still struggling to align national laws with these comprehensive rules. Under MiCA, crypto-related firms need to secure required licenses from national authorities, a process hampered by bureaucratic delays which may not meet the December deadline. Particularly for stablecoins, the EU seeks to curb their market influence by restricting volumes and requiring an e-money license, posing a challenge primarily to smaller issuers. With the regulation deadline drawing near, the crypto industry is pushing for a six-month extension to better prepare and prevent operational disruptions. Meanwhile, the European Securities and Markets Authority (ESMA) is set to discuss the situation further in a meeting on December 11, with the industry hopeful for a potential delay in the implementation timeline.
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