Experts appreciated the advantages of European regulation of Mica
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Johny Smith
2025/01/28
3 mins read
Elliptic experts said that the European Union has successfully completed the long -term process of creating a single document to regulate cryptocurrencies. On December 30, 2024, the Mica (Markets in Cryptossets Regulation) provisions began to operate, aimed at regulating the activities of crypto services providers (CASP).
Analysts noted that the new rules establish high standards for consumer protection, preventing market abuses and compliance with prudent norms. This makes the Mica one of the most stringent, but at the same time understandable supervisory systems in the world.
According to researchers, one of the key achievements of the Mica was the creation of a single approach for the EU countries. Nevertheless, each state seeks to become a leading crypto center. For example, France actively promotes itself as a reliable hub for blockchain companies, offering a simple and affordable way to license them.
Additional recommendations are provided to simplify the implementation of the MICA. A few weeks ago, the European Securities and Markets Office (ESMA) issued a report explaining the classification of cryptoactives as financial instruments. This will help the EU countries to evaluate what digital currencies require additional disclosure of information.
It is important to note that the regulation of Mica affects not only cryptocurrency services. The provisions regarding the issuers of the stablecoins entered into force on June 30, 2024. This enhances control over stable coins and their use.
According to the researchers, Mica sets a new standard for regulating cryptorrhniks. This example is already being considered by other regions striving to create their own legal foundations for digital currencies. The new order not only increases the trust of users, but also opens up opportunities for the development of the industry.
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