A few hours ago, the draft of the European crypto legislation (MiCA) was adopted by the EU Council and will become law immediately and implemented from next year.
Among other things, the draft requires the identification of each crypto transaction whether cross-border or cold- or hot-wallets.
However, the definition for the protection of customers with regard to stablecoins or their issuers is of particular interest.
In the future, the issuer must be able to demonstrate a sufficiently liquid reserve in a ratio of 1:1 directly to the European banking supervisory (EBA) authority!
Consequently, an exchange into the coupled base value (dollar) should be possible for all holders at any time.
Among other things, the framework is intended to avoid a fiasco like that of the Terra Luna stable coin.
Source: Digital Finance: Agreement reached on European Crypto-Asstets Regulation (MiCA)
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