EU Finalizes Legal Text for Landmark Crypto Regulations Under MiCA

The European Union has finalized the text of landmark markets in crypto asset regulation and opened it officially for comments.

A leaked draft showed that the text provisions will cover up to some assets in the category of NFTs. However, the leaked draft reveals that MiCA fails to apply to NFTs that are unique. This means that the asset can be copied, interchanged, or subdivided. Once passed into law, it will require issuers of crypto assets to publish white papers containing technical roadmaps, for platforms to register with the authorities, and require stablecoin issuers to hold capital and be prudently managed.

A recital in the draft stated that people seeking admission to trading of algorithmic crypto assets that do not aim at stabilizing the value of the crypto assets by referencing one or several assets should comply with Title II of this Regulation