The Commission’s proposal for a Regulation on Markets in Crypto-Assets, called MiCA, is a new legislative act that focuses on the issuance of stablecoins as well as utility tokens, and, more generally, on the provision of services related to crypto-assets. MiCA is intended to support innovation and at the same time preserve financial stability and protect investors.
Thus, it aims to provide a harmonised general framework that will offer legal certainty for the treatment of cryptoassets in all EU Member States. Furthermore, MiCA is designed to improve competition by reducing regulatory fragmentation and the scope for regulatory arbitrage in the case of cross-border activities.