The Markets in Crypto Assets (MiCA) law created by the European Union intends to regulate the crypto asset space; however, it has not yet created a surge in euro-denominated crypto transactions. This particular observation had been made in an ESMA study. Even with becoming the very first legal framework for crypto assets and stablecoins, its effect on EU transaction volumes remains to be seen. ESMA mentions that the regulation shouldn’t raise euro volumes yet but can be a growth driver down the road.
The regulation, which will become completely relevant in 2024, seeks to offer greater protection for purchasers in the EU crypto market. It includes a crypto asset rules framework and particular provisions for stablecoins. These actions are anticipated to produce a safer and more controlled crypto trading landscape eventually. Nevertheless, the euro still plays a minor role in cryptocurrencies after the MICA announcement.
Euro’s Insignificant Role in Cryptocurrency Transactions
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