Yesterday the European Council published a significantly expanded proposed ‘Regulation on Markets in Crypto Assets’ (MiCA) document. This means the legislation progresses to the next step, a three-way negotiation between the Council, the European Commission and the European Parliament. Our interpretation of the expanded document is that a stablecoin like the DAI could be heavily restricted.
Most of the European Council members are the heads of state of each of the European Union countries. Its role is to define the EU’s political direction and it’s also responsible for appointing the Governing Board of the European Central Bank.
A proposed DLT pilot regime for Financial Market Infrastructures (FMI) is already being negotiated with parliament, so the topic wasn’t covered in yesterday’s documents.
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