EU agrees on MiCA regulation to crack down on crypto and stablecoins

Crypto-asset service providers will be required to adhere to strict requirements aimed at protecting consumers and can also be held liable if they lose investors’ crypto-assets.

There will also be warnings for consumers about risks of losses associated with crypto assets and rules on fair marketing communications. “MiCA will also cover any type of market abuse related to any type of transaction or service, notably for market manipulation and insider dealing.”The provisional agreement will also see CASPs needing authorization in order to operate in the EU, with the largest CASPS to be monitored by the European Securities and Markets Authority .The new law does not include a ban on proof-of-work technologies or include nonfungible tokens within its scope.

The British were lucky to leave the eurozone once, and now get their own stablecoin $gbpt.

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