The European Union (EU) is currently pushing forward with one of the most comprehensive attempts to create a pan-European legislation that will bind cryptocurrencies and emerging digital assets to a common regulatory framework.
The Markets in Crypto Assets (MiCA) legislation has been hailed for its comprehensiveness and thoroughness by the likes of Binance and others.
Now, a final version of the legislation is available. The bill, dated September 20, has been verified by CoinDesk, which confirmed that the new laws are so comprehensive that they can even be applied to emerging technology that was not originally considered, such as non-fungible tokens (NFTs.)
MiCA will significantly up the ante for cryptocurrency companies who wish to operate in the EU. Companies will be required by law to publish comprehensive White Papers featuring technological roadmaps and more.
Stablecoin issuers are also covered under the new legislation and MiCA is expected to be a game-changer for the industry in Europe.
What is more, it’s the first attempt to create cross-border legislation that will apply to EU member states and try to supersede national legislation without undermining country-specific legislation.
MiCA’s latest draft also reflects a decision to do away with restrictive practices that are pointless to push against.
For example, in a previous version of MiCA stablecoins were overlooked, but the revised draft now clearly accounts for them as something that is going to be a part of the cryptocurrency industry for better or for worse.
The new MiCA draft is still to be passed and if accepted, it will be a tremendous success for the EU, beating both China and the US to issuing comprehensive regulation.