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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."
