MiCA Rapporteur in the European Parliament Stefan Berger said the EU has become the first jurisdiction with a regulatory framework for digital assets.
What’s the essence of this paper?
The stablecoin reserves will be split – issuers will have to comply with strict operational and prudential rules and the volume of transactions will be limited to €200 million per day.
Crypto Asset Service Providers (CASP) will be obliged to adhere to strict requirements. They also have to comply with the requirements on protecting investors’ funds. In case of violation of the conditions and loss of funds, companies can be brought to justice.
The paper also provides for the introduction of disclaimers on exchanges, the provision of the whitepaper by trading platforms, and sanctions for the use of misleading information.
These changes seem to be positive, although there’s no regulation for NFT yet.