{"id":10516,"date":"2022-08-14T22:08:00","date_gmt":"2022-08-14T19:08:00","guid":{"rendered":"https:\/\/alfacash.blog\/?p=10516"},"modified":"2024-02-19T21:50:32","modified_gmt":"2024-02-19T18:50:32","slug":"mica-law-crypto-more-europe-what-you-need-know","status":"publish","type":"post","link":"https:\/\/alfacash.blog\/sk\/2022\/08\/14\/mica-law-crypto-more-europe-what-you-need-know\/","title":{"rendered":"MiCA law for crypto and more in Europe: what you need to know"},"content":{"rendered":"<p>The European Union (EU) and the United Kingdom (UK) have been generally friendly towards crypto assets since the beginning. However, they\u2019re now aiming for greater protection for crypto users, and some rules are going to be in place soon. We\u2019re talking especially about the new <strong>Markets in Crypto-Assets (MiCA) law, that will apply to all the EU state members<\/strong> \u2014plus, their own national regulations.<\/p>\n\n\n\n<p>This is a very flourishing market. Indeed, according to the last crypto-adoption report by <a href=\"https:\/\/blog.chainalysis.com\/reports\/2021-global-crypto-adoption-index\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Re\u0165azov\u00e1 anal\u00fdza<\/a>, \u201cCentral, Northern, &amp; Western Europe (CNWE) has the biggest cryptocurrency economy in the world, receiving over $1 trillion worth of cryptocurrency over the last year [2020-2021], which represents 25% of global activity.\u201d<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"544\" src=\"https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-1024x544.jpg\" alt=\"MiCA-law-crypto-Europe\" class=\"wp-image-5766\" srcset=\"https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-1024x544.jpg 1024w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-300x159.jpg 300w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-150x80.jpg 150w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-18x10.jpg 18w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-270x143.jpg 270w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-770x409.jpg 770w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-956x508.jpg 956w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-900x478.jpg 900w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-370x197.jpg 370w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-554x294.jpg 554w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-306x163.jpg 306w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-260x138.jpg 260w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280-87x46.jpg 87w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/10\/europe-3256079_1280.jpg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>Therefore, the market has grown enough to have official regulations across the Eurozone. After MiCA, it\u2019s expected that companies can play with clear rules, while consumers enjoy legal protection \u2014including some limits, though. Let\u2019s explore what\u2019s coming.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>An overview outside MiCA law<\/strong><\/h2>\n\n\n\n<p>Not only the MiCA law exists in this zone, of course. <a href=\"https:\/\/alfacash.blog\/2021\/02\/10\/top-5-most-crypto-friendly-countries-taxes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Countries like<\/a> Malta, Estonia,\u00a0Germany, and Switzerland have established regulatory frames for cryptocurrencies,\u00a0specially designed to boost innovation and attract foreign investors.<\/p>\n\n\n\n<p>Indeed, Malta is dubbed \u201cThe Blockchain Island\u201d, Estonia has its own \u201ce-Residency\u201d for companies, and Switzerland it\u2019s very known for the Zug Crypto Valley. <strong>This is a town where around 800 crypto-companies and organizations have found their tax-free home<\/strong>, and the residents can\u00a0<a href=\"https:\/\/alfacash.blog\/2021\/01\/13\/complete-guide-sites-spend-bitcoin-cryptos-without-leaving-home\/\" target=\"_blank\" rel=\"noreferrer noopener\">plati\u0165 kryptomenami<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-1024x768.jpg\" alt=\"\u0160vaj\u010diarsko-Zug-krypto-da\u0148\" class=\"wp-image-6636\" srcset=\"https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-1024x768.jpg 1024w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-300x225.jpg 300w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-150x113.jpg 150w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-16x12.jpg 16w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-240x180.jpg 240w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-687x515.jpg 687w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-677x508.jpg 677w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-370x278.jpg 370w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-554x416.jpg 554w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-306x230.jpg 306w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-327x245.jpg 327w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-260x195.jpg 260w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280-87x65.jpg 87w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/02\/rathauskeller-5531453_1280.jpg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Letm\u00fd poh\u013ead na Zug, \u0160vaj\u010diarsko. Obr\u00e1zok Vinny Kapoor z Pixabay<\/figcaption><\/figure><\/div>\n\n\n\n<p>Germany it\u2019s considered a tax haven for cryptocurrencies. Only in CoinMap,\u00a0we can find over 600 venues of all kinds accepting <a href=\"https:\/\/alfacash.blog\/2020\/08\/20\/how-buy-bitcoin-simple-steps-nice-recipe\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bitcoin<\/a> and cryptos as payment in this country. Beyond that, we can also find at least 82 crypto-ATMs there [CoinATMRadar], and they have third place worldwide by Bitcoin nodes [BitNodes].<\/p>\n\n\n\n<p>Spojen\u00e9 kr\u00e1\u013eovstvo sa na druhej strane pok\u00fa\u0161a n\u00e1js\u0165 rovnov\u00e1hu medzi inov\u00e1ciami a regul\u00e1ciou.&nbsp;<strong>They\u2019ve been actively promoting regulation sandboxes for startups<\/strong>, zatia\u013e \u010do spolo\u010dnosti ako burzy musia dodr\u017eiava\u0165 obvykl\u00e9 pravidl\u00e1 KYC. Napriek tomu&nbsp;<a href=\"https:\/\/alfacash.blog\/2020\/10\/08\/crypto-derivatives-to-retail-customers-are-ban-in-the-uk-but-cryptos-are-still-legal\/\" target=\"_blank\" rel=\"noreferrer noopener\">kryptoderiv\u00e1ty<\/a>&nbsp;pre maloobchodn\u00fdch z\u00e1kazn\u00edkov s\u00fa zak\u00e1zan\u00e9, a&nbsp;<a href=\"https:\/\/alfacash.blog\/2020\/11\/12\/united-kingdom-preparing-new-regulations-stablecoins-cbdc\/\" target=\"_blank\" rel=\"noreferrer noopener\">pripravuj\u00fa sa<\/a>&nbsp;nov\u00e9 predpisy pre stablecoiny a CBDC (rovnako ako cel\u00e1 E\u00da).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>More countries beyond<\/strong><\/h3>\n\n\n\n<p>France is an <a href=\"https:\/\/alfacash.blog\/2020\/10\/17\/boom-bust-icos-lot-of-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">ICO-friendly<\/a> country. The French Financial Markets Authority (AMF) can grant the utility token issuers an optional visa. At the same time, they\u2019re running a research program called \u201c<a href=\"https:\/\/www.amf-france.org\/en\/news-publications\/news-releases\/amf-news-releases\/amf-publishes-discussion-paper-initial-coin-offerings-and-initiates-its-unicorn-programme\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">UNICORN<\/a>\u201d (Universal Node to ICO&#8217;s Research &amp; Network). The goal of it is to promote this type of funding safely.<\/p>\n\n\n\n<p>On the other hand, an investigation by the airline\u00a0<a href=\"https:\/\/www.fastprivatejet.com\/en\/the-worlds-most-crypto-friendly-destinations\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Fast Private Jet<\/a>\u00a0in early 2022, determined that\u00a0<strong>Ljubljana (capital of Slovenia) is the most crypto-friendly city in the world<\/strong>. They have over 137 businesses and 584 different locations accepting crypto as payment. Over 20\u00a0<a href=\"https:\/\/coinatmradar.com\/bitcoin-atm-near-me\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">crypto ATMs<\/a>\u00a0join the offer for the enthusiasts as well. Currently, the Slovenian government is aiming to tax under 5% for trading crypto, only for yearly amounts of over $10,900.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"330\" src=\"https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-1024x330.jpg\" alt=\"BTC City panorama in Ljubljana.\" class=\"wp-image-9945\" srcset=\"https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-1024x330.jpg 1024w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-300x97.jpg 300w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-150x48.jpg 150w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-1536x496.jpg 1536w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-18x6.jpg 18w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-270x87.jpg 270w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-770x248.jpg 770w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-1170x378.jpg 1170w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-900x290.jpg 900w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-370x119.jpg 370w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-554x179.jpg 554w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-306x99.jpg 306w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-260x84.jpg 260w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/06\/BTC_City_panorama-87x28.jpg 87w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>BTC City panorama in Ljubljana. Source: U5K0 \/ Creative Commons<\/figcaption><\/figure><\/div>\n\n\n\n<p>Generally, cryptos are legal and popular in the EU, but their exchange for fiat (euro) isn\u2019t allowed without the proper AML measures applied by companies. So far, only&nbsp;<a href=\"https:\/\/alfacash.blog\/2020\/11\/19\/dutch-central-bank-announces-new-regulations-for-crypto-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\">Holandsko<\/a>&nbsp;m\u00e1 pr\u00edsnej\u0161ie opatrenia KYC.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>MiCA law summary<\/strong><\/h2>\n\n\n\n<p>By 2024, theRegulation on Markets in Crypto Assets (<a href=\"https:\/\/www.sygna.io\/blog\/what-is-mica-markets-in-crypto-assets-eu-regulation-guide\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">MiCA<\/a>), proposed by the European Commission in late 2020, will apply to all 27 state members. This new framework <strong>will mainly affect the use <a href=\"https:\/\/alfacash.blog\/2020\/12\/06\/stablecoins-and-types-an-easy-and-brief-lesson\/\" target=\"_blank\" rel=\"noreferrer noopener\">stablecoinov<\/a>, token issuers, and cryptocurrency companies<\/strong>. All of them will need to comply with some basic rules if they want to operate inside the EU or for EU citizens.<\/p>\n\n\n\n<p>The European lawmakers finally\u00a0<a href=\"https:\/\/alfacash.blog\/2022\/07\/31\/what-happened-july-cryptocurrency-world-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">agreed<\/a> on a provisional version at the end of June 2022. They focused on Bitcoin, altcoins, stablecoins, and public crypto offers (like ICOs). <a href=\"https:\/\/alfacash.blog\/2020\/09\/09\/how-to-make-thousands-dollars-defi\/\" target=\"_blank\" rel=\"noreferrer noopener\">DeFi<\/a> a <a href=\"https:\/\/alfacash.blog\/2021\/04\/11\/what-are-non-fungible-tokens-nfts-why-fever-ultimate-guide\/\" target=\"_blank\" rel=\"noreferrer noopener\">NFT<\/a> were mostly left alone for now.<\/p>\n\n\n\n<p>Remarkable points include that the Crypto Asset Service Providers (CASPs) should have at least a legal entity registered inside the European Union. <strong>They\u2019ll also need a minimum capital amount (between 50,000 to 150,000 EUR),<\/strong> a fully secure digital platform, a competent team, and if they\u2019re token issuers, a very detailed whitepaper.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-1024x682.jpg\" alt=\"MiCA-law-exchanges-capital\" class=\"wp-image-6418\" srcset=\"https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-1024x682.jpg 1024w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-300x200.jpg 300w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-150x100.jpg 150w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-18x12.jpg 18w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-270x180.jpg 270w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-770x513.jpg 770w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-762x508.jpg 762w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-773x515.jpg 773w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-370x247.jpg 370w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-554x369.jpg 554w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-306x204.jpg 306w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-368x245.jpg 368w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-260x173.jpg 260w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280-87x58.jpg 87w, https:\/\/alfacash.blog\/wp-content\/uploads\/2021\/01\/coins-1523383_1280.jpg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>Inside the legal concept of CASPs, they include services like custody, exchanges, trading platforms, execution of crypto asset orders, and financial advice on cryptocurrencies. All of them should comply with AML and CFT measures, and always provide transparent and truthful information to their clients. Of course, they\u2019ll also be allowed to operate only with an official license.<\/p>\n\n\n\n<p>Quarterly reports may be asked by authorities, <strong>and the trading involving privacy coins on exchanges has been banned.<\/strong> In the same line, they also applied the <a href=\"https:\/\/alfacash.blog\/2021\/07\/20\/european-commission-seeks-ban-anonymous-crypto-wallets\/\" target=\"_blank\" rel=\"noreferrer noopener\">feared crypto travel rule.<\/a> This means that the CASPs if asked should share with the authorities all the data regarding the senders and recipients of transactions, even if they\u2019re withdrawing to an unhosted wallet (non-custodial personal address). At least, the transactions between unhosted wallets fall outside the MiCA scope.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The great concern: stablecoins<\/strong><\/h3>\n\n\n\n<p>For Bitcoin (BTC) and other decentralized cryptocurrencies, MiCA is only asking the CASPs to share a whitepaper about their potential risks and <a href=\"https:\/\/alfacash.blog\/2021\/05\/16\/faq-cryptocurrencies-pollution-climate-change\/\" target=\"_blank\" rel=\"noreferrer noopener\">environmental impact<\/a>. They considered a complete ban against Proof-of-Work (PoW) coins (given their potential impact on the environment), but that was <a href=\"https:\/\/alfacash.blog\/2022\/04\/01\/what-happened-march-cryptocurrency-world-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">quickly discarded<\/a>.<\/p>\n\n\n\n<p>The great concern treated by the MiCA law is the stablecoins, even if they don\u2019t call them that way. Instead, they divide these tokens into two categories: <strong>asset-referenced tokens and e-money tokens. The two of them include \u201cstable\u201d tokens, but with different collateral.<\/strong> The first ones can be backed by several fiat currencies, commodities, and\/or cryptocurrencies; while the e-money tokens are only backed by one fiat currency.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/01\/Tether-logo.png\" alt=\"Popular-stablecoins-Tether-USDT\" class=\"wp-image-8571\" width=\"359\" height=\"359\" srcset=\"https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/01\/Tether-logo.png 400w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/01\/Tether-logo-300x300.png 300w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/01\/Tether-logo-150x150.png 150w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/01\/Tether-logo-12x12.png 12w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/01\/Tether-logo-180x180.png 180w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/01\/Tether-logo-370x370.png 370w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/01\/Tether-logo-306x306.png 306w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/01\/Tether-logo-245x245.png 245w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/01\/Tether-logo-200x200.png 200w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/01\/Tether-logo-305x305.png 305w, https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/01\/Tether-logo-67x67.png 67w\" sizes=\"auto, (max-width: 359px) 100vw, 359px\" \/><figcaption>Tether (USDT) logo, the current market leader of stablecoins.<\/figcaption><\/figure><\/div>\n\n\n\n<p>After the mess caused by the <a href=\"https:\/\/alfacash.blog\/2022\/05\/14\/terra-ust-collapse-what-means-crypto-market-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Terra (LUNA) downfall<\/a>, it seems like algorithmic stablecoins aren\u2019t welcome. All the stablecoins\u2019 issuers in the EU should provide proper reserves (and proof of them) to back 1:1 their coins. In addition, the MiCA law aims to set a limit of 200 million euros in daily trading volume for these tokens.<\/p>\n\n\n\n<p>That leaves us wondering about the <a href=\"https:\/\/alfacash.blog\/2022\/01\/23\/5-most-popular-stablecoins-their-differences\/\" target=\"_blank\" rel=\"noreferrer noopener\">current leaders in the market<\/a>, which already have billions in daily volume. How much of that volume comes from the EU or its citizens it\u2019s uncertain, though. It\u2019s been established that the stablecoins with over $5 billion in circulation will be supervised by the European Banking Authority (EBA).<\/p>\n\n\n\n<p>If these rules are broken, <strong>the companies may face monetary sanctions of up to five million euros or 3% of annual turnover<\/strong>. For individuals, the sanctions are limited to 700,000 euros.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key points of MiCA law for crypto users<\/strong><\/h2>\n\n\n\n<p>Of course, the mentioned measures are mostly affecting the service providers, and not directly the users. For them, the changes are almost imperceptible: they must provide their identity when trading with fiat (euros) and be sure to pay their taxes in time (if there are any). That will still vary from <a href=\"https:\/\/alfacash.blog\/2021\/03\/11\/top-countries-most-crypto-users-laws\/\" target=\"_blank\" rel=\"noreferrer noopener\">country to country<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"767\" src=\"https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-1024x767.jpg\" alt=\"probl\u00e9my-krypto-platby-regul\u00e1cie\" class=\"wp-image-5650\" srcset=\"https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-1024x767.jpg 1024w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-300x225.jpg 300w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-150x112.jpg 150w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-16x12.jpg 16w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-240x180.jpg 240w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-687x515.jpg 687w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-678x508.jpg 678w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-370x277.jpg 370w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-554x415.jpg 554w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-306x229.jpg 306w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-327x245.jpg 327w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-260x195.jpg 260w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280-87x65.jpg 87w, https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/lady-justice-2388500_1280.jpg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p><strong>Important changes for average users seem to be only the travel rule<\/strong> <strong>(to share their identity with more parties),<\/strong> and the ban over privacy coins (<a href=\"https:\/\/alfacash.blog\/2021\/03\/29\/discover-monero-how-use-it-full-privacy\/\" target=\"_blank\" rel=\"noreferrer noopener\">like Monero<\/a>) on exchanges. Nevertheless, if the limits for stablecoins remain as they are, the users can also be forbidden to trade their usual amounts with these tokens.<\/p>\n\n\n\n<p>The MiCA law is still pending approval by the EU Council and Parliament. After that, it\u2019s planned to come into force starting in 2024. It will be perfectly safe investing in (and spending) cryptocurrencies in the European Union, though. If you choose a regulated exchange, the better. That\u2019s because, in case of problems, they\u2019ll really take responsibility for your funds. \u00a0<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p class=\"has-text-align-center\"><em>Wanna trade Bitcoin, Ethereum, and other tokens? You can do it<\/em>&nbsp;<em>bezpe\u010dne&nbsp;<\/em><em><a href=\"https:\/\/www.alfa.cash\/buy\/bitcoin\" target=\"_blank\" rel=\"noreferrer noopener\">na Alfacash<\/a><\/em><em>! A nezabudnite, \u017ee o tomto a o mnoh\u00fdch \u010fal\u0161\u00edch veciach hovor\u00edme na na\u0161ich soci\u00e1lnych sie\u0165ach.<\/em><\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/t.me\/AlfacashCommunity\" target=\"_blank\" rel=\"noreferrer noopener\">Telegram<\/a>&nbsp;*&nbsp;<a href=\"https:\/\/www.facebook.com\/alfacashstore\" target=\"_blank\" rel=\"noreferrer noopener\">Facebook<\/a>&nbsp;*&nbsp;<a href=\"https:\/\/www.instagram.com\/alfacashstore\" target=\"_blank\" rel=\"noreferrer noopener\">Instagram<\/a>&nbsp;*&nbsp;<a href=\"https:\/\/www.youtube.com\/channel\/UCOl4fdRHj8AseQ5b6z9udaw\" target=\"_blank\" rel=\"noreferrer noopener\">YouTube<\/a>&nbsp;*<a href=\"https:\/\/twitter.com\/AlfacashStore\" target=\"_blank\" rel=\"noreferrer noopener\">Twitter<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>New crypto rules are coming to Europe, especially the MiCA law. What is this one about? And how it will affect crypto companies and users?<\/p>","protected":false},"author":5,"featured_media":10523,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[48],"tags":[43,286,61,119,118,175],"class_list":{"0":"post-10516","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-learn","8":"tag-bitcoin","9":"tag-companies","10":"tag-cryptocurrencies","11":"tag-european-union","12":"tag-regulations","13":"tag-stablecoins"},"featured_image_src":"https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/08\/A-12-blog.jpg","author_info":{"display_name":"Isabel P\u00e9rez","author_link":"https:\/\/alfacash.blog\/sk\/author\/isabel\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v25.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MiCA law for crypto and more in Europe: what you need to know<\/title>\n<meta name=\"description\" content=\"New crypto rules are coming to Europe, especially the MiCA law. 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