ADAN, a European blockchain and Web3 industry organization, has announced that the implementation of MiCA, Europe’s blockchain regulation framework, has introduced “significant changes” to the cryptocurrency sector. This statement was shared by ADAN in a post on X dated November 5.
“The partial implementation of #MiCA on June 30th has brought significant regulatory changes, particularly for stablecoins, signaling a major shift for the #crypto industry,” said . “Yet, questions remain on how stablecoins issuers and CASPs can meet the dual #compliance requirements of both MiCA and the Payment Services Directive (PSD), sparking concern across the sector. Adan was quick to identify these potential issues and continues to work toward advocating for a more balanced and fitting regulatory approach for the industry.”
According to ADAN’s post, the new MiCA regulations have raised questions regarding how stablecoin issuers and crypto-asset service providers can remain compliant with both MiCA and the Payment Services Directive (PSD), which was established in 2007 by the European Commission. However, ADAN said they were able to quickly identify these potential issues, enabling them to work towards a “fitting regulatory approach for the industry.”
Elliptic released information indicating that the EU’s new Markets in Crypto-Assets regulations took effect on June 30 for all stablecoin issuers. This marks “a new era of regulatory oversight for innovators in the Crypto space.” The new rule mandates that “issuers must now obtain approval from relevant members of state authorities before offering their tokens within the EU or when offering stablecoins pegged to the euro or other member state currency.”
The European Commission explains that the Payment Services Directive (PSD) is legislation providing “the legal foundation for an EU single market for payments,” aiming to establish safer and more innovative payment services across the EU. Since its inception in 2007, it has benefited the European economy by “easing access for new market entrants and payment institutions,” thereby offering more competition and choice to consumers. PSD has also enhanced transparency for consumers and made payments “quicker and easier” throughout the EU.
According to their LinkedIn bio, ADAN is a professional body representing digital assets industry players founded in 2020 in France and Europe. Its goal is to foster a free and open digital economy by promoting digital assets. Leading ADAN is CEO and President Faustine Fleuret, who has been at the helm since 2021. ADAN specializes in various areas including blockchain, Web3, digital assets, finance, security tokens, MiCA, digital technology, decentralized finance (DeFi), non-fungible tokens (NFTs), know your customer (KYC) anti-money laundering (AML), PSAN, jonum, and réglementation.
