Good news!!!

Good news!!!

According to the recently promulgated "Markets in Crypto-Assets Regulation Act" (MiCA) by the European Union, new regulations on stablecoins officially came into effect today. Article 23 of the law clearly states that companies will no longer be allowed to issue anchored stablecoins that are used as a means of exchange for daily transactions exceeding one million or a value exceeding 200 million euros (about 215 million US dollars).

Previously, the European Banking Authority (EBA) had published a detailed report at the end of this month, detailing how to effectively monitor and manage stablecoin issuers. With the official implementation of the new stablecoin regulations, it marks an important step forward for the EU in the field of crypto asset market regulation.

It is worth noting that although the new stablecoin regulations have come into effect, other provisions in the MiCA Act are expected to be gradually implemented in December this year. This gradual implementation strategy aims to ensure that the crypto asset market can develop in an orderly and stable environment while protecting the interests of investors and maintaining financial stability.

With the full implementation of the MiCA regulations, it is expected to have a far-reaching impact on the global crypto asset market. For stablecoin issuers, they must strictly abide by the new regulations to ensure business compliance; for investors, they should be more cautious in choosing investment products to prevent potential risks. At the same time, this also provides a useful reference for other countries and regions to formulate relevant regulations.