
EU agrees on landmark law that will make life tougher for crypto issuers and service providers under a new single regulatory framework. Known as the Markets in Crypto-Assets (MiCA) framework, the provisional agreement includes rules that will cover issuers of unbacked crypto assets, stablecoins, trading platforms, and wallets in which crypto-assets are held. Large stablecoins will be subject to strict operational and prudential rules, with restrictions if they are used widely as a means of payment, and a cap of 200€millions in transactions/day. The agreement came on the same day as Circle’s launch of its Euro-backed stablecoin — Euro Coin. The provisional agreement is still subject to approval by the European Commission. . . .
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