MiCA, or Markets in Crypto-Assets, has become effective across the European Union, providing a unified framework for oversight of digital assets. The rules cover stablecoins, token issuances, and services such as custody and exchange. Companies that issue e-money tokens must be incorporated in the EU or hold relevant licenses, while asset-referenced tokens face stricter disclosure and governance requirements. Many businesses are expected to consolidate or form partnerships to meet compliance obligations. The regulation excludes fully decentralized protocols but may treat large-scale NFT collections as fungible assets. The success of MiCA will depend on technical standards and enforcement practices, with potential global implications for stablecoin regulation. The EU is considering a MiCA 2.0 to address other crypto assets. Compliance costs could favor well-capitalized platforms, while smaller teams may focus on specialized niches or relocate to regions with less strict obligations. The implementation of MiCA will be phased in, and regulators will issue binding standards to clarify timelines and operating conditions. Overall, MiCA aims to promote responsible growth and user safeguards while balancing innovation and oversight in the crypto market.



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