What Is the Significance of the MiCA Regulation in the European Union for Stablecoins?
The Markets in Crypto-Assets (MiCA) regulation is a comprehensive EU framework that provides legal clarity for the crypto sector. For stablecoins, it imposes strict requirements on issuers regarding capital reserves, liquidity, and governance.
Critically, it distinguishes between asset-referenced tokens (ARTs) and e-money tokens (EMTs), subjecting them to varying degrees of stringent banking-like oversight.