The European Union has finalized the full text of its landmark Markets in Crypto Assets (MiCA) legislation. Officially, the text is still open to comments, but sources briefed on the talks have told CoinDesk that it is, in practice, finalized.
A leaked draft of the bill dated Sept. 20 and verified by CoinDesk urges EU enforcers to take a “substance over form” approach to the law, meaning its provisions could even apply to some assets categorized as non-fungible tokens (NFT).
MiCA, once passed into law, will require issuers of crypto assets to publish white papers containing technical roadmaps, for platforms to register with the authorities, require stablecoin issuers to hold capital and be prudently managed.
The new draft also features changes that could indicate how the EU might treat algorithmic stablecoins, which were notably excluded from MiCA's scope when it was first introduced in 2020. Algorithmic stablecoins – similar to the recently collapsed terraUSD (UST), which used...
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