The EU’s landmark Markets in Crypto Assets law, MiCA, takes effect next year, but it’s not clear how it will apply to foreign or decentralized issuers
Yet they aren't the only ones with issues. Others are scratching their heads over provisions requiring issuers to be EU-based undertakings, a wooly phrase that could rule out the innovative governance models favored by many blockchain foundations.
Ian O’Mara, a partner at Matheson law firm, told the hearing the rules could allow foreign issuers to register via a crypto provider based within the bloc – avoiding fragmentation of major international initiatives like Circle’s USDC. Yet officials held out little hope they’ll show regulatory largesse in implementing the rules, whose main features are already set out in stone.
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