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Jun 30, 2024 • 4 tweets • 3 min read
🚨 #MiCA - THE WORLD'S FIRST LEGAL FRAMEWORK FOR CRYPTO ASSETS BEGINS IN 🇪🇺 EUROPE! 🚨
What Is #MiCA And How Does This Impact Crypto Users Around The World ?
The Markets in Crypto-Assets (MiCA) establishes a standardized regulatory environment for digital assets across all 27 EU member states !!
MiCA applies to exchanges, crypto trading platforms, custodial wallets, advisory & management firms inside the EU or outside the EU with those who wish to do business within any member of the 27 states.
The Goal... to enhance consumer protection, market integrity, and financial stability of the digital asset landscape.
As the first legal framework for crypto assets globally, this represents a significant step toward the global regulation of crypto assets! 🌎🇪🇺
Could this be the first step of 99% of digital assets being regulated out of the market ? 🤔💭
Thread Continues Below & Follow For More!! 👇👇
#Crypto #Regulation #Europe
The Regulatory Framework Covers 3 Crypto Assets:
1) Asset-Referenced Tokens (ARTs): Tokens that reference the value of multiple assets, such as currencies or commodities.
2) E-Money Tokens (EMTs): Digital representations of fiat currency used primarily for payment purposes.
3) Utility Tokens: Tokens providing access to a specific product or service within a blockchain platform.
MiCA applies stricter rules for #Stablecoins, requiring legally binding stabilization mechanisms to ensure they are backed with legitimate liquidity to instill user confidence.
