On June 9, 2023, the European Union’s Markets in Crypto-Assets (MiCA) legislation got published in the Official Journal of the European Union (OJEU), stated Cointelegraph. The law is expected to be executed on December 30, 2024.
As reported by Cointelegraph, on May 31, 2023, the regulations were made into law after it was introduced in 2020. Supposedly, it will help to create a consistent regulatory framework for crypto assets among European Union member states.
Sources revealed that the MiCA legislation will include registration and authorisation requirements for cryptocurrency users, exchanges and wallet providers, Cointelegraph highlighted.
It is expected that the stablecoin issuers need to follow certain security and risk mitigation rules while cryptocurrency custody services must include enough security and safety measures to maintain cybersecurity and operational drawbacks, Cointelegraph concluded.
(With insights from Cointelegraph)
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