Circle Manager: MiCA prevents EU users from accessing most of the main stable currencies

On August 7, Circle, the EU High Commissioner for Strategy and Policy, Patrick Hansen, stated that with the full implementation of the EU Code for the Regulation of Encrypted Assets Markets (MiCA), licences had been issued for 35 electronic currency tokens for 21 distributors, and local distributors were well advanced. Patrick Hansen points out that the strict rules of the MiCA make it impossible for most major issuers, including Tether, to meet their operational requirements, and that only USDG, USDC and EURC are currently required to adopt the framework, while the remaining stabilization currencies are outside the borders of the MiCA and EU users are unprotected or inaccessible. In his view, the forthcoming review of the MiCA should address the issue and provide a more pragmatic operational path for foreign issuers. The EU General Directorate of Financial Stability, Financial Services and Capital Markets Union launched a public consultation on 20 May to assess the continued applicability of the current framework, which will continue until 30 September。