New EU Crypto Law Sets Rules for Stablecoins but Raises Compliance Questions

EU's new crypto law MiCA takes effect in June 2024, setting rules for stablecoins in the region. But legal uncertainties remain.
Binance executive warns MiCA may lead to widespread stablecoin delisting in Europe when rules kick in, as no coins approved yet.
MiCA requires stablecoin issuers to be EU entities. Unclear how decentralized and foreign issuers can comply.
EU regulators stress no grace period for existing stablecoins when MiCA stablecoin provisions start.
Lawyers say MiCA's rules could allow foreign issuers to register through an EU crypto provider. But EU regulators skeptical of flexibility.

coindesk.com

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Posted 9/21/2023, 12:00:00 PM

New EU Crypto Law Sets Rules for Stablecoins but Raises Compliance Questions

EU's new crypto law MiCA takes effect in June 2024, setting rules for stablecoins in the region. But legal uncertainties remain.
Binance executive warns MiCA may lead to widespread stablecoin delisting in Europe when rules kick in, as no coins approved yet.
MiCA requires stablecoin issuers to be EU entities. Unclear how decentralized and foreign issuers can comply.
EU regulators stress no grace period for existing stablecoins when MiCA stablecoin provisions start.
Lawyers say MiCA's rules could allow foreign issuers to register through an EU crypto provider. But EU regulators skeptical of flexibility.