Markets in Crypto-Assets Regulation (MiCA)

The European Union’s Markets in Crypto-Assets Regulation (MiCA) establishes a unified regulatory framework for crypto-asset issuance, trading and service providers. With the transition period recently ending, ESMA continues to expand its compliance registers, while banks and payment companies are accelerating efforts to secure licenses. Trading platforms have also delisted USDT and shifted toward USDC in response to new stablecoin rules, while facing anti-money laundering and custody reviews. Whether future amendments change the rules for stablecoins, tokenized assets, DeFi and NFTs will affect business strategies, capital flows and competition in the European market.