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The European Crypto Initiative (EUCI), a blockchain advocacy group, said that the MiCA Regulation aims to create a harmonized regulatory framework for crypto-assets. EUCI shared their statement on a September 6th post on X.
"The MiCa Regulation proposed by the European Commission represents a critical legislative initiative to regulate the rapidly evolving crypto-asset market within the European Union (EU," said European Crypto Initiative Team. "As part of the broader Digital Finance Package, MiCA's primary objective is to create a comprehensive and harmonized regulatory framework that fosters innovation, ensures legal certainty, and addresses the risks associated with crypto assets. This initiative aligns with the EU's broader goals of embracing digital transformation and building a resilient, future-ready economy that works for all citizens and business across its member states."
According to the European Crypto Initiative, they released a comprehensive overview of Markets in Crypto-Assets' (MiCA) significance and objectives, outlining its legal certainty, innovation and competitiveness, consumer and investor protection, and financial stability and market integrity. The overview said that MiCA regulation will become fully applicable across the European Union by December 2024, marking the first comprehensive regulatory framework for crypto-assets within the EU, focusing on stablecoins, market transparency, and consumer protection.
