Thread by @Crypto_Oldrich

1/ I went through 891 pages of three proposals of MICA and there is a lot to talk about! Stablecoins, crypto-assets, offerors, issuers, exchanges, auhtorizations, future of money, definition of DeFi. It is all there. I wrote an article! #mica #regulation #blockchain #crypto

2/ Silicon Continent: EU MICA is the most important piece of legislation for crypto medium.com/@oldrichpeslar…
Also, there is a 5-page summary at the end of the doc.

3/ Will they ban stablecoins? There are a few gamechangers in information disclosures. How about issuers of crypto? What about DeFi? Find out in the article.

4/ Definitions of stabelcoins are not great. They will be heavily regulated. Redemptions rights introduced. Mandatory peg to EUR introduced. Stablecoins reaching certain thresholds can be stopped. #USDC #USDT #UST

5/ Ban on granting interest on stablecoins.

6/ One proposal is pushing CASPs to have a bank account otherwise they could not conduct trading.

7/ Ban of anonymous crypto-assets.

8/ Market abuse regulations preventing pump and dumps.

9/ Airdrops must be given to customers.

10/ Crypto-services should explictly exclude miners, validators, RPC node operators, developers, non-custodial wallets. #ledger #metamask

11/ I wrote a definition of DeFI services that should be for the avoidance of any doubt out of MICA's scope. #defi

12/ And more. Please, read the article. And then, let me know. @OKovarikMEP @DrStefanBerger @europe4crypto

Regarding the crypto services: validators and others should be out of scope, but are not explicitly excluded. It might create some issues.