Chainalysis has produced the second article in a series on Markets in Crypto Assets Regulation (MiCAR) stablecoin regime and its remaining challenges.
The articles asserts that MiCAR “represents a significant shift to a comprehensive regulatory framework including prudential and conduct requirements for both crypto asset issuers and crypto asset service providers (CASPs) within the EU. Previously, frameworks focused solely on anti-money laundering and counter-terrorist financing (AML/CFT). MiCAR aims to unify the currently fragmented regulatory landscape by establishing harmonized rules, providing legal certainty, protecting consumers and investors, and supporting the integrity and stability of the European financial system while fostering innovation.”
Chainalysis cites transaction volumes that show stablecoins are currently the biggest use case for crypto assets, which makes 30 June 2024 a major milestone for crypto asset regulation in Europe — and potentially beyond — as the so-called “Stablecoins Regime” of the Markets in Crypto-Assets Regulation (MiCAR) takes effect.
See the first of the two articles here, with the second part here.
