New obligations will come to stablecoin issuers with the (MiCA), which will establish a regulatory framework for the cryptocurrency market, approved by the European Parliament on June 30.
After the LUNA crisis, with Terra’s stablecoin UST depeg, wiped out billions of dollars in savings and investment The focus of institutions and regulators has been on stablecoins. European Parliament on 30 June Cryptocurrency market by meeting with EU representatives money laundering, manipulation and from scams They approved the bill to purify it. The law also includes obligations regarding the carbon footprint of crypto assets.
MiCA stablecoin issuers for a suit obligations contains;
- All cryptocurrency issuers must be residing in the EU. Also, cryptocurrencies European Banking Authority (EBA) will be subject to control.
- Stablecoin issuers are the EU’s turning point law According to coin holders commission-free redemption to ensure sufficient liquidity reserve will have to hold on.
- Crypto service providers of 1000 Euros It should define the transactions on it and report it to the authorities. This obligation personal wallets it contains.
- Crypto companies within the framework of MiCA carbon footprints and energy consumption notify the authorities and investors.
- As the European Parliament was excluded from the scope of MiCa 18 months A new approach to NFTs in regulation will be made.