The European Union’s “Markets in Crypto Assets Regulation” (MiCA) marks a major milestone for the crypto industry.

With MiCA set to enter into phased implementation this summer, the EU is inviting crypto market participants into the regulatory perimeter for the first time. And while there are still uncertainties and challenges ahead, there is hope that MiCA will prove to be an important step towards long-term stability for crypto markets, enhanced protections for users and a more attractive investment environment for entrepreneurs.

The drafters of MiCA got a number of things right. One of them was to acknowledge that certain aspects of the crypto ecosystem (like decentralized…

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