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MiCA regulation provides crypto-asset classification, imposes authorization and disclosure requirements to crypto -asset service providers, include measures to safeguard consumers, provisions against market abuse and insider trading

Several major cryptocurrency exchanges, including Binance, OKX, and Bitstamp, have begun delisting or restricting access to certain stablecoins that do not comply with MiCA regulations for their European users

Concerns have arisen about potential market disruptions as the crypto ecosystem adapts to the new MiCA regulatory framework and faces increased compliance costs

MiCA requires stablecoin issuers to comply with strict regulations, including registration with authority, disclosure requirements, establishing buyback mechanism and maintaining sufficient reserves, while also imposing restrictions on non-euro backed stablecoins turnover, potentially leading to a shift towards euro-backed stablecoins in the European market

The Markets in Crypto-Assets (MiCA) regulation, which provides a regulatory framework for crypto assets in the European Union, will begin taking effect on June 30, 2024, starting with rules on stablecoins

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EU MICA regulation comes partially into force on Jun 30, 2024

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