The European Union’s Markets in Crypto-Assets regulation — better known as MiCA — is now in its critical implementation phase. Designed to unify crypto regulation across all 27 EU member states, MiCA promises clarity, consumer protection and long-term market stability. But as implementation begins, cracks are already showing.
In this week’s episode of Byte-Sized Insight, we explore the key provisions of MiCA now in force, particularly around stablecoins, and why some of the largest players in the market are refusing to comply.
As of January 2025, crypto asset service providers (CASPs) began acquiring licenses to operate legally within the EU. A transitional or “grandfathering” period allows existing firms up to 18 months, depending on the member state, to comply. Still, with deadlines approaching, firms are being forced to act quickly.
Stablecoins at bay
One of MiCA’s earliest and most controversial provisions involves stablecoins. Under the law, no stablecoin can be offered to EU users