With the implementation of new EU crypto regulations approaching, there is speculation about the need for MiCA 2.0. Experts are discussing the potential for an updated version of the EU cryptocurrency market legislation. The current legislation, known as MiCA, is set to take effect on June 29, with certain regulations regarding stablecoins being implemented within a year and the rest by the end of 2024. However, policymakers are already calling for a MiCA 2.0 to address current loopholes in the regulation, such as decentralized finance (DeFi), lending, and staking. The European Commission has not yet begun work on a second version, but reports on gaps in the legislation will be submitted after 18 months. Some topics that could be addressed in MiCA 2.0 include DeFi, lending, staking, and non-fungible tokens (NFTs). While some believe that MiCA 1.0 is comprehensive and should be evaluated before considering further regulation, others argue that more clarity and oversight are needed in the cryptocurrency industry. Discussions about what should be included in MiCA 2.0 have already started, with suggestions such as focusing on cryptocurrency-related innovations like DeFi and DAOs, and allowing non-bank issuers access to central bank deposit facilities.
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