mica

The French Ministry of Finance, the Financial Markets Authority (AMF), the French Central Bank, and the Prudential Supervision and Resolution Authority (ACPR) jointly suggested to the European Commission to allow third parties, such as crypto platforms, to offer rewards to stablecoin holders under specific conditions. The four institutions believe that such rewards should be regulated rather than outright prohibited.The four institutions proposed that platforms should disclose reward information to holders, must not promise guaranteed returns, and should not promote rewards as savings products; regulators should also monitor the impact of rewards on bank deposits. The French side still supports banning stablecoin issuers from paying interest but opposes extending the ban to staking and lending activities. The European Central Bank and the central banks of EU countries advocate maintaining the ban on interest for stablecoins and including indirect benefits such as rewards and fee waivers, as well as lending and staking activities within the scope of restrictions.The European Commission must submit a review report on the Markets in Crypto-Assets Regulation (MiCA) to the EU legislative bodies by June 30, 2027, and may propose amendments.

According to the regional service restriction notice released by MEXC on October 21, the exchange is gradually exiting the Dutch market, requiring local users to transfer their assets by October 31, and plans to complete the exit by November 16.MEXC confirmed that it has not yet obtained EU MiCA authorization. Previously, due to providing cryptocurrency asset services in the Netherlands without permission, the exchange was listed on the European Securities and Markets Authority (ESMA) temporary list of non-compliant entities.Earlier, on October 20, MEXC announced the cessation of services to users in Russia and Belarus. Its user agreement also lists 13 countries and regions, including the United States, Canada, the United Kingdom, Singapore, Hong Kong, and mainland China, as prohibited service areas.

The Cardano Foundation calls on the European Union not to introduce new independent regulatory rules for DeFi and staking, advocating that existing financial laws should regulate based on the function and risk of activities rather than the technology used. The foundation outlined its 19-page opinion submitted to the European Commission on September 30 in a blog post released on Wednesday, urging a distinction between direct participation in decentralized networks and financial services provided by intermediaries, especially those involving the custody or control of user assets. The foundation stated that regulation should follow the substance of the activity, the functions performed, and the risks generated, rather than the technology relied upon to conduct the activity.The foundation pointed out that Cardano users can delegate native ADA tokens to help secure the network without relinquishing custody or locking up tokens, and this form of direct participation should be treated differently from staking services operated by intermediaries. The opinion also calls for a clearer distinction between the EU MiCA regulations and existing financial laws, warning that overlapping regulatory requirements and inconsistent interpretations among member states could create uncertainty for crypto businesses.This move comes as EU regulators consider expanding oversight of crypto services. In September, the European Securities and Markets Authority suggested adding additional safeguards for staking and lending activities and establishing a new category of regulated services for companies providing access to DeFi protocols. Additionally, the Cardano Foundation, along with five other blockchain organizations, sent a joint letter to the U.S. Securities and Exchange Commission on October 20, urging it to formally recognize digital commodities as non-securities under the proposed crypto framework.

This integration allows traders to choose Euros or EURC for settlement in a shared liquidity pool, avoiding routing Euro-denominated trades to the USD pair, aiming to tighten the bid-ask spread and reduce slippage. Users can exchange Euros for EURC at a 1:1 ratio, thus accessing shared liquidity in a unified trading environment.The EURC stablecoin is MiCA compliant and fully backed by Euro reserves. OKX Europe operates under the license of the Malta Financial Services Authority, adhering to the MiCA framework. However, trading fees still depend on the user's tier and type of trade, and services are limited to eligible EEA jurisdictions.

The French Ministry of Finance, the Financial Markets Authority (AMF), the French Central Bank, and the Prudential Supervision and Resolution Authority (ACPR) jointly proposed amendments to the EU's Markets in Crypto-Assets Regulation (MiCA), requiring cryptocurrency platforms to take responsibility for customer losses when they actively provide access to DeFi protocols without reviewing the protocols or ignoring known security risks.The French side proposed that platforms review relevant protocols before providing DeFi access and continuously monitor for vulnerabilities and suspicious activities, while also supporting the certification of protocols and smart contracts. These requirements will apply comprehensively to significant Crypto Asset Service Providers (CASP), with smaller platforms subject to proportionately adjusted obligations. France also proposed transferring the regulatory authority of significant CASPs from national regulators to the European Securities and Markets Authority (ESMA) and lowering the current EU daily active user threshold of 15 million. Additionally, France suggested re-examining the category of Asset-Referenced Tokens (ART) and adjusting the Electronic Money Token (EMT) framework to cover multi-currency stablecoins.

According to Cointelegraph, the European Securities and Markets Authority (ESMA) has added nine crypto asset service providers (CASP) to the registration list of the Markets in Crypto-Assets Regulation (MiCA), including the Austrian entity MEGE zweite of BingX, the Italian subsidiary of YouHodler, and Openbank Deutschland under Santander, bringing the total number of registered CASPs to 375.

According to CoinDesk, the consortium Qivalis, supported by 37 major European banks, announced that the Dutch Central Bank (DNB) has granted it an Electronic Money Institution (EMI) license, bringing it closer to issuing Euro-denominated electronic money tokens (EMT). The Amsterdam-based company still needs to meet the remaining requirements of the EU's Markets in Crypto-Assets Regulation (MiCA), including publishing a white paper, in order to issue the token in the coming months.This license enables Qivalis to provide a blockchain-based method for transferring Euros for banks and payment institutions. Qivalis plans to distribute its tokens through banks, cryptocurrency exchanges, and payment service providers, rather than directly to consumers. Since its establishment in September 2025, the consortium has expanded to 37 European banks, including BBVA, BNP Paribas, ING, and DZ Bank, and has chosen Fireblocks to provide digital asset infrastructure.According to MiCA regulations, EMTs are classified as stablecoins, but not all stablecoins are EMTs. EMTs are pegged to a single fiat currency and must be issued by authorized credit institutions or electronic money institutions, with holders having legal claims to them and the right to redeem them at face value at any time, and EMTs cannot pay interest.Qivalis CEO Jan-Oliver Sell stated that the currency in Europe should be carried on-chain by European rules, and Europe should have Euro-denominated on-chain settlement assets issued under European law and subject to European regulatory standards.

Recently, Gate founder and CEO Dr. Han was interviewed by Fortune, sharing Gate's strategic plan to transition from a cryptocurrency trading platform to an integrated financial application.Dr. Han pointed out that traditional finance and the crypto world have long been disconnected, requiring users to switch between banks, brokerages, cryptocurrency exchanges, and payment tools. During TOKEN2049 Singapore, Gate launched Gate Money and proposed the vision of "One Gate, Everything Money," integrating fiat currency, digital assets, stocks, ETFs, gold, bank accounts, and payment settlements into a single account app. With the Gate Card, cryptocurrency, fiat currency, tokenized gold, or stocks can be directly used for daily payments, eliminating the need to hold large amounts of low-yield cash for expenses; users in eligible regions can also open a global bank account in their name online, which will support receiving payments in over 60 local currencies in the future.Dr. Han stated, "No one needs to sell stocks to buy a cup of coffee, nor do they need to hold large amounts of cash for emergencies."

The European Union is reviewing MiCA, with related consultations involving the requirement for developers of non-custodial Bitcoin wallets to obtain certification before providing software to the public. The European Securities and Markets Authority (ESMA) stated that open-source development, self-custody, automated smart contracts, and permissionless infrastructure should not automatically be considered regulated intermediaries.At the same time, ESMA proposed establishing new regulated services for crypto asset service providers that offer customers access to decentralized protocol services. This review has not changed the current rules, and the European Commission will assess the relevant opinions and submit a review report by June 30, 2027, in accordance with Article 140 of MiCA.

According to Decrypt, the French National Assembly's Finance Committee passed two cryptocurrency tax amendments this week: starting from January 1, 2027, exchanges of stablecoins regulated by MiCA will be considered taxable sales; and a departure tax will be imposed on tax households relocating overseas with a total value of cryptocurrency assets exceeding 800,000 euros.The committee rejected the budget revenue portion with a vote of 31 to 3, and the full National Assembly will review the original text from the government. The aforementioned amendments will not be automatically included; supporters must reintroduce them during the debate starting on October 13, with a formal vote scheduled for October 20.The related measures have not yet become law. The stablecoin amendment was proposed by left-wing GDR party member Nicolas Sansu and 16 co-signers, applicable to electronic money tokens as defined by MiCA. The amendment does not set a new tax rate but aims to include the related revenue under France's existing unified tax system of 31.4%.The committee also passed an amendment proposed by Daniel Labaronne, allowing investors to carry forward cryptocurrency asset losses for 10 years to offset future gains. The proposed departure tax applies to taxpayers who have been French tax residents for at least 6 of the past 10 years and whose cryptocurrency assets, including custodial assets, have a total value exceeding 800,000 euros.

The European Securities and Markets Authority (ESMA) has issued an opinion requiring EU crypto firms to stop providing services involving stablecoins that do not comply with the Markets in Crypto-Assets Regulation (MiCA) framework, and has given a three-month deadline to address existing risk exposures. ESMA stated on Thursday that national regulators should require relevant firms to promptly address any remaining exposure to non-compliant stablecoins, no later than January 8, 2027.The guidance applies to crypto services regulated under MiCA, including trading platforms, exchange services, order execution, custody, transfers, investment advice, and portfolio management. ESMA stated that crypto firms should implement technical, contractual, and organizational controls to prevent EU customers from obtaining or increasing exposure to unauthorized stablecoins.Regulators may allow limited services to assist customers in exiting existing positions, including liquidation, exchange, withdrawal, transfer, and custody, but such activities must be temporary and closely monitored. This update expands on the guidance issued by ESMA in January 2025, when it required restrictions on trading and exchange services involving non-compliant stablecoins.

According to Cointelegraph, the Federal Financial Supervisory Authority of Germany (BaFin) has rejected the application for a crypto asset service provider (CASP) license under the Markets in Crypto-Assets Regulation (MiCA) submitted by futurum bank AG, a subsidiary of Bitcoin Group SE. As a result, its operated crypto trading platform Bitcoin.de remains in a state of trading suspension.Bitcoin Group SE subsequently stated that the company is reviewing the decision and reserves the right to appeal or resubmit the application in the future. Meanwhile, the group is seeking alternative operating models and plans to restore trading services as soon as possible through regulated partners. Bitcoin.de was originally a peer-to-peer (P2P) trading market with over 1.1 million registered users; the platform had originally planned to upgrade by the end of June to support over 100 cryptocurrencies, exchange, and staking functions, but this has been delayed due to waiting for MiCA license authorization, and its trading activities have been largely suspended since June 12.

Cryptocurrency asset platform operator Bitcoin Group SE stated that the Federal Financial Supervisory Authority of Germany (BaFin) has rejected its subsidiary futurum bank AG's application for a cryptocurrency service provider license submitted under the Markets in Crypto-Assets Regulation (MiCA). The company is evaluating alternative operating models and seeks to resume trading on Bitcoin.de as soon as possible through regulated partners.Bitcoin Group SE CEO Moritz Eckert stated that the company was prepared for the application rejection and will now review the relevant decision, with the option to appeal or resubmit the application in the future. Bitcoin.de is a German cryptocurrency trading platform operated by futurum bank AG, with over 1.1 million registered users. Bitcoin.de was originally a peer-to-peer trading market and transitioned to a brokerage model this year, planning to offer over 100 cryptocurrencies, cryptocurrency asset exchanges, and staking services. The platform was originally scheduled to launch the new model at the end of June, but trading has been largely suspended since June 12 due to the delay in awaiting MiCA approval.

According to U.Today, as the EU MiCA transition period ended on July 1, obtaining MiCA authorization has become an important foundation for cryptocurrency trading platforms to continue serving European users. Gate Europe obtained MiCA authorization before the end of the transition period and expanded related services through the European Economic Area passport mechanism. Gate data shows that from June 16 to September 22, the platform added at least 68 new spot trading pairs, currently covering about 190 assets and 382 trading pairs.The article cites data from CASP Tracker, indicating that as of September 28, 84 out of the world's largest 100 cryptocurrency trading platforms have not yet obtained MiCA authorization. Meanwhile, Gate Europe passed the PCI DSS v4.0.1 Level 1 compliance assessment on September 15, covering Gate Connect and Gate Card. Gate Europe CEO Dr. Giovanni Cunti stated that security and compliance are key to building trusted payment services in Europe, and obtaining PCI DSS certification is an important step in strengthening payment infrastructure.In terms of liquidity, Gate data shows that from September 14 to 27, the order book depth for BTC/USDC and ETH/USDC within 0.1% of the midpoint increased by approximately 14% and 12%, reaching $1.32 million and $555,000, respectively. Meanwhile, DefiLlama MiCA exchange data shows that the depth of Gate Europe's spot market within 2% of the midpoint reached $15.9 million, higher than other platforms during the same period. Relying on the compliant foundation built on the dual licenses of MiCA and Payment Institutions (PI), Gate Europe will continue to improve asset coverage and liquidity construction, providing European users with a richer selection of digital asset trading options and a better trading experience.

Bitcoin Magazine reported that the Chief Business Officer of the cryptocurrency exchange platform Coinbase stated that the company is working with advisors from six globally systemically important banks to increase exposure to Bitcoin.Coinbase Chief Business Officer: The company views this as an opportunity to expand the market and provide individuals with more ways to access Bitcoin. Globally systemically important banks are large banks identified by the Financial Stability Board that have a significant impact on the global financial system.

Circle, the issuer of USDC, submitted a proposal to the European Commission advocating for the revision of the rules regarding overseas stablecoins in the Markets in Crypto-Assets Regulation (MiCA) and the establishment of a recognition mechanism for overseas issuers. Circle suggested that overseas stablecoin issuers should primarily be regulated by their home jurisdiction's regulatory authorities, and after obtaining equivalence recognition from relevant parties and the European Banking Authority (EBA), local licensed entities in the EU would be responsible for distribution.This mechanism also allows euro stablecoins to circulate in overseas jurisdictions. Circle also requested the removal of the requirement for electronic money token issuers to hold 30% of reserve assets in commercial banks; the proportion for "significant" electronic money tokens is 60%. The company believes that this requirement increases exposure to credit risk and counterparty risk in the banking sector.

Austrian cryptocurrency exchange Bitpanda's co-CEO Christian Trummer stated in Cointelegraph's Chain Reaction program that with the implementation of the European Union's Markets in Crypto-Assets Regulation (MiCA), European crypto users' trust in regulated platforms has increased. He pointed out that most users trust regulated market participants more than managing private keys themselves.Trummer described the preference for self-custody as a small circle focused on "Crypto Twitter," believing that most users are more inclined to choose regulated service providers. He also called on regulators to enforce MiCA more strictly, stating that some companies are still providing services to European customers without obtaining a MiCA license, putting compliant businesses at a competitive disadvantage.The transition period for existing crypto service providers under MiCA ended no later than July 1, and the European Securities and Markets Authority (ESMA) instructed national regulators to take action against unauthorized companies that continue to provide crypto services after the transition period. ESMA subsequently called for stronger regulatory powers to address unauthorized crypto services and third-country companies soliciting business from EU investors without MiCA authorization.

Circle disclosed that it has responded to the European Commission's targeted consultation on MiCA. Circle stated that MiCA has provided a first-mover advantage for Europe, with approximately 30 types of electronic currency tokens authorized. However, among the top 25 stablecoins by global market capitalization, only 3 are regulated by MiCA, namely USDC, USDG, and EURC, indicating a gap in the regulatory scope of MiCA that fails to cover the largest global tokens.Circle suggests maintaining a multiple issuance structure, where globally circulating stablecoins are jointly issued by EU entities authorized under MiCA and foreign regulatory entities. It also recommends establishing an equivalence and recognition system for foreign regulatory stablecoins similar to EMIR, CSDR, and MiFIR, with the regulatory authority of the issuer's jurisdiction primarily responsible for supervision, while the EU level conducts equivalence recognition and EBA entity approval. Regarding reserve requirements, Circle believes that MiCA's requirement for issuers to deposit at least 30% of reserve assets in commercial bank deposits will increase bank credit and counterparty risk, supporting the European Central Bank to reconsider this requirement, and suggests removing two concentration rules from the EBA technical standards.

Aave founder Stani Kulechov expressed disappointment on the X platform regarding the responses from the European Central Bank (ECB) and the European Banking Authority (EBA) to the MiCA consultation. He stated that both institutions not only advocate for banning stablecoin payment yields but also propose restrictions on crypto asset service providers (CASP) offering users access to DeFi, including services involving non-MiCA authorized stablecoin yield protocols.Kulechov indicated that the relevant opinions also involve restricting DeFi services to specific user groups through "suitability tests" and potentially establishing a certification system for DeFi lending protocols. He believes that if regulators decide which protocols are suitable for European users, it could lead to more closed ecosystems, weakening the liquidity and network effects of open DeFi, and limiting opportunities for European users to participate in on-chain finance.