Under MiCA, a stablecoin is regarded as of systemic importance if it has over 10 million holders, has over €5 billion in reserves, or €500 million daily transactions.
While the EU remains behind in AI adoption compared to other economic powerhouses, the region leads in blockchain adoption, launching various initiatives and regulations to strengthen its game.
The latest Circle report paints a vivid picture: we're on the brink of a Web3 revolution, and claimed apps that empower users are popping up on enterprise-grade blockchains.
The AML regulation is part of an increased effort to combat sanctions evasion, terrorist financing, and money laundering, which was given urgency in light of Hamas financing through digital assets.
2023 is a challenging year for the digital asset space, with major firms collapsing, high-profile names getting into lawsuits, and regulators rushing to balance innovation and regulation.
MiCA was crafted to boost regulatory oversight on unlicensed asset-related activities, but the ESMA said holders won't be protected under the latest regime until December 2024 and potentially longer.
It is expected that a final implementation of MiCA will emerge as ESMA has shared its plans to submit a final paper with the draft technical standards and implementations by June 30, 2024.
The MFSA has launched a public consultation on proposed changes to its digital asset regulations to align them with the European Union's MiCA regulations, which will come into force in 2024.
EU's MiCA would allow financial institutions to hedge their assets, but the Danish Financial Supervisory Authority argues that the law has yet to take effect; thus, doing so would breach its local financial rules.
The consultation set for July regarding the provisions contained within MiCA will revolve around data needed to obtain a permit, complaint-handling procedures, and management policies, among others.
For many, the London Blockchain Conference 2023 served as an avenue to showcase the power of blockchain, but it also showcased the general public's excitement for the future with this innovation.