With the arrival of 2025, the European cryptocurrency market is about to undergo major changes. The EU's Crypto Asset Market Act (MiCA) will officially take effect on December 30 this year. Marina Markezic, co-founder of the European Cryptocurrency Initiative (EUCI), warned, Taking MiCA on the road could cause confusion, with the EU's 27 member states likely to interpret regulations differently. (Previous summary: Blocked! Coinbase Europe announced the delisting of USDT, PYUSD, and 6 stablecoins, and it is recommended to replace them with USDC in response to MiCA law supervision) (Background supplement: The EU MiCA law will take effect at the end of the month, but nearly 25% of member states have not yet completed supervision Framework, the industry is calling for another half-year delay) The EU’s Cryptoasset Market Act (MiCA) will be fully effective on December 30, and the cryptocurrency market landscape is expected to change significantly as a result. The introduction of the bill has had a major impact on the stablecoin market. Tether's USDT has been delisted from all EU exchanges on the 30th because its assets do not comply with regulations. As MiCA is about to be fully implemented, its impact has also attracted much attention. According to Cryptonews, Marina Markezic, co-founder of the European Cryptocurrency Initiative (EUCI), believes that MiCA provides a unified regulatory framework that enables companies to operate through a license pass system. Once regulatory permission is obtained in an EU member state, business can be conducted throughout the trade area. EUCI expects that Europe will form a more mature and regulated cryptocurrency market in 2025, providing legal certainty and confidence to institutional and retail investors, while promoting the adoption of blockchain technology. MiCA's regulatory challenges However, Marina Markezic bluntly stated that the implementation of MiCA may cause "considerable confusion". The 27 EU member states may have different interpretations of regulations, which will lead to challenges in regulatory consistency: In determining which projects There is a lot of uncertainty when it comes to assets falling within the scope of MiCA, partly due to the question of what constitutes complete decentralization. Likewise, the definition of NFTs is still not clear enough, so which tokens are not regulated by MiCA. Not sure either. Marina Markezic mentioned that this is crucial because new regulations require project parties to prepare a white paper before publicly issuing tokens. This stricter review may inhibit innovation because small projects and emerging companies may have difficulty meeting regulatory requirements. Require. In addition, EUCI predicts that due to non-compliance with regulatory standards, a large number of tokens may be delisted by centralized platforms, leaving retail investors with fewer stablecoin options to choose from on exchanges, thus affecting market liquidity and accessibility. Marina Markezic also believes that MiCA will accelerate the institutionalization and integration of the EU cryptocurrency market, promote a large number of mergers and acquisitions between traditional financial institutions and cryptocurrency companies, and may even cause some companies or products to exit the market: Although MiCA basically excludes DeFi Beyond direct regulation, but with questions about how it will be handled, this regulatory ambiguity could create friction, especially if member states try to additionally regulate DeFi interfaces or service access points. It is worth noting that Taiwan’s virtual asset law also referred to the EU’s MiCA during the formulation process. Therefore, the confusion and challenges that may arise during the implementation of MiCA are likely to extend to Taiwan and have an impact on the local cryptocurrency market. , especially in terms of regulatory interpretation, asset classification and project compliance. Related reports (MiCA effect) Tether stops issuing EURt euro stable currency, Circle founder adds another shot: everyone uses EURC to cut off their money! The MiCA law requires EU stablecoin issuers to reserve "30-60% cash." Circle complained repeatedly that Tether will "freeze" the stablecoins USDT and EURT on five chains in one go. Is the EU (MiCA) law the main reason behind this? "The EU MiCA encryption regulatory law will take full effect at the end of the month! Experts warn that chaos is coming, where are the disputes and conflicts?" This article was first published in BlockTempo (Dong District Dongzhu - the most influential blockchain news media).