EU Approves MiCA Rule to Stifle Cryptocurrency and Stablecoins

EU officials have approved a historic regulation that will create a new, unified regulatory framework and will be stricter for cryptocurrency issuers and service providers. The news was first announced on Twitter by Stefan Berger, a member of the European Parliament and the MiCA regulation’s rapporteur, who chose to report on the bill’s proceedings. MiCA Trilog: Durchbruch! Europa ist der erste Kontinent mit einer Krypto-Asset Regulierung. Parlament, Kommission & Rat haben sich auf ausgewogene #MiCA geeinigt. Für mich als Berichterstatter war wichtig, dass es hier keine Verbannung von Technologien wie #PoW gibt /1 — Stefan Berger (@DrStefanBerger) June 30, 2022 The historical rule, according to Bruno Le Maire, France’s Minister of the Economy, Finance, and Industrial and Digital Sovereignty, “will put an end to the crypto wild west.” Stablecoins Slowed Down The MiCA law intends to protect customers by “requesting” stablecoin issuers to amass a sufficient liquid reserve in the wake of the spectacular collapse of TerraUSD. A member of the European Parliament named Ernest Urtasun said on Twitter that reserves must be “completely protected in the event of insolvency” and “legally and operationally segregated and insulated.” Stablecoin transactions will be capped at 200 million euros per day. 2/13 MiCA provide safeguards against cases like the crypto-crash, the collapse of the stablecoin LunaUSD. — Ernest Urtasun (@ernesturtasun) J...