EU Passes Landmark Crypto Regulation Framework.

The European Parliament has approved the Markets in Crypto Act (MiCA), the world's first comprehensive package of rules aimed at regulating the cryptocurrency industry. The legislation seeks to reduce risks for consumers buying crypto assets and will mean providers can become liable if they lose investors' crypto-assets. The rules will impose a number of requirements on crypto platforms, token issuers and traders around transparency, disclosure, authorization, and supervision of transactions. 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 European Securities and Markets Authority (ESMA) will be given powers to step in and ban or restrict crypto platforms if they are seen to not properly protect investors or threaten market integrity or financial stability.