Europe may have taken the lead in attempting to regulate cryptoasset firms before any other major jurisdiction, but a year after the ground-breaking rules came into force, it does not necessarily follow that they are robust or that the industry they are meant to hold accountable is embracing them.
The European Union’s (EU) Markets in Crypto-Assets Regulation (MiCA) is the first comprehensive legal framework for cryptoassets and establishes uniform rules across the bloc’s 27 member states. It requires cryptoasset service providers (CASPs), such as exchanges, wallet providers, and stablecoin issuers, to obtain authorization from national regulators and meet strict standards on governance, transparency, disclosure, and supervision of transactions.
