Crypto FAQ: How does the EU Markets in Crypto Assets (MiCA) law regulate cryptocurrency?
The EU Markets in Crypto-Assets (MiCA) law is designed to provide a regulatory framework that protects consumers from the various risks associated with crypto-asset investment, covering unbacked crypto-assets and stablecoins, trading venues, and crypto wallets. MiCA also requires that the European Banking Authority (EBA) maintain a public register of crypto-asset service providers (CASPs) that do not comply with Anti-Money Laundering (AML) laws, which will serve as a cryptocurrency blacklist.
More specifically, not only are CASPs required to be authorized by national authorities, but they must also have a liquid reserve that protects holders from losses due to cybersecurity hacks or other preventable failures. Furthermore, MiCA covers insider trading and other forms of market abuse.
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