Alongside the registration requirement for crypto traders, the European Union has also finalized the Crypto Assets Regulation (MiCa) draft law.
The European Union has fully formalized the draft law MiCa, which it adopted in June. MiCa, which examines topics such as document sharing of crypto money providers and the reserve requirement of stablecoins, has officially entered into force. European Union government representatives signed and formalized this draft law, which was launched in June.
European Union Prepares Crypto Regulator MiCa
This law, which will be enacted throughout the European Union, will bring various obligations for cryptocurrencies and exchanges. The stablecoin reserve requirement, which is among the contents of the law, drew attention. Content aimed at preventing Terra-like collapses will also reassure investors.
According to the law that came into force, cryptocurrencies are now officially regulated in the countries of the European Union. Accordingly, crypto-asset wallets and exchanges will have to obtain licenses. Thanks to this system, which seems contrary to the decentralized system, it is aimed to keep the assets of the users secure.
The European Union has spent a lot of time on the draft law that has been agreed since June. Finally, with the union countries signing the final version of the law, MiCa was officially completed.
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