[49] The European Union’s Markets in Crypto-Assets Regulation (MiCA) balances incentives for innovation against risks to the financial system and investors through  • requirements regarding the issuance of crypto-assets and crypto-asset services; • the authorisation and supervision of issuers of crypto-assets and of crypto-asset service providers;  • capital requirements and governance rules; • reserve requirements for stablecoin issuers based on the existing regulations for e-money issuers.
MiCA will also impose reporting requirements on entities carrying out crypto-asset activities. Issuers of stablecoins not pegged to the euro with an issuance value of more than € million must report certain information. Providers of trading platforms must make information publicly available, and they must give public authorities access to data.