The European Union has completed the text of the crypto-asset markets (MiCA) legislation.
According to the leaked text, regulations may also include algorithmic stablecoins and NFTs.
European Union Completed Regulations
The European Union has completed the crypto MiCA legislation. Officially, the text is still open for interpretation, but sources reported that it was practically complete.
According to the leaked draft, the regulations take a “matter-than-form” approach. This means that the laws that will be introduced may even apply to some assets, such as the NFT.
Once MiCA is enacted, platforms will need to register and crypto-asset issuers will need to publish whitepapers with technical details.
The new draft also highlights how to address algorithmic stablecoins that fall outside the scope of MiCA at the time of its launch in 2020. It was stated that algorithmic stablecoins should also be covered by the regulation, regardless of how the company wants to design the token.
The provisions regarding stablecoins are expected to come into effect in January 2024.
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