How new EU law can affect stablecoins

2022 saw not only a sharp decline in leading cryptocurrencies and financial markets in general but also major legal frameworks for crypto in prominent jurisdictions. And while the crypto bill, co-sponsored by US senators Cynthia Loomis and Kirsten Gillibrand, still has a long way to go, its European counterpart, Markets in Crypto-Assets (MiCA), has finally made it through tripartite talks.

On June 30, Stefan Berger, member of the European Parliament and rapporteur on the MICA regulation, revealed that a balanced agreement had been reached, making the European Union the first continent with crypto-asset regulation. Is the deal really balanced, and how might it affect crypto in general and some of its key sectors in particular?