EU agrees on landmark regulation to clean up crypto 'Wild West'
— Called, Environment, Lawmaker, Step, Move came, Impact, Single day, European parliament, Would reduce anonymity, Scrapped crypto mining — 1 min read
European Commission, EU lawmakers and member states hammered out a deal in Brussels. The landmark law, known as Markets in Crypto-Assets, or MiCA, is designed to make life tougher for players in the crypto market. Stablecoins like tether and Circle's USDC will be required to maintain ample reserves to meet redemption requests in the event of mass withdrawals. The new rules come at a brutal time for digital assets, with bitcoin facing its worst quarter in more than a decade. The European Securities and Markets Authority is also being given powers to step in to ban or restrict crypto platforms if they are seen to not properly protect investors or threaten market integrity or financial stability. MiCA will also address environmental concerns surrounding crypto, with firms required to disclose their energy consumption Source