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The Digital Chamber: EU's MiCA framework has positioned the EU as a leader in the global stablecoin landscape

Policy
Webp sberger
Stefan Berger, German Member of European Parliament who led the EU's MiCA legislation | X/DrStefanBerger

The Digital Chamber (TDC) has said that the European Union's Markets in Crypto-Assets (MiCA) framework has established the EU as a leader in the global stablecoin landscape, offering regulatory certainty for stablecoin issuers. TDC released its findings in a report on November 12.

According to TDC, MiCA, which will be effective from June 30, 2024, includes licensing requirements for custodians and crypto-asset service providers, enhanced consumer protections, and measures to prevent market abuse. Stablecoin issuers operating within the European Economic Area must comply with MiCA by December 30, 2024, or cease operations in the region. However, TDC expressed concerns that some MiCA provisions, such as stringent reserve requirements and limits on non-euro transactions, could hinder competition and innovation, potentially favoring larger EU-native financial institutions.

TDC further noted that while specific MiCA provisions might hinder competition and benefit larger EU-based institutions, the EU's proactive approach to stablecoin regulation creates a favorable environment for stablecoin development within the EU. This approach contrasts with the U.S.'s current lack of a clear framework and may challenge the continued dominance of U.S. dollar-linked stablecoins.

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Binance, identified as the largest crypto exchange globally by trading volume, participated in a European Banking Authority (EBA) consultation regarding technical aspects of MiCA related to stablecoins that took effect in June 2024. Binance said in a post: "As an exchange that believes in the value of regulation and the pragmatic benefits of MiCA, we believe it’s important that these constructive conversations take place to help ensure that MiCA achieves its goals and any unintended consequences are reduced. The broad intent of MiCA is overwhelmingly positive for the crypto industry."

TDC advocates for pro-innovation policies in digital asset and blockchain industries. Its members include crypto exchanges, banks, consulting firms, and law firms.

More News

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

On November 6, the UK government issued an updated version of the Property (Digital Assets Etc.) Bill, clarifying its approach to defining digital assets, including crypto tokens, as recognized property under English law. The update aims to provide greater security and clarity for individuals and businesses engaging with digital assets.

Nov 20, 2024

Matt Law, Chief Commercial Officer at Outlier Ventures, said that it would not "surprise" him if many people embrace "more efficient," cost-effective systems like tokenization to gain the "same user benefit."

Nov 16, 2024