Markets in Crypto-Assets (MiCA)
Further to the EC non paper on a EU framework for markets in crypto-assets published in May (see summary here). CUK has obtained the final non-paper released in July.
We are pleased to see that the commission has broadly listened to the industry and is proposing a bespoke regime for non security tokens (payment & utility). Also. that the commission is not considering stablecoins as a form of e-money.