Europe’s MiCA Did Not Approve a Single Asset Under This Category
The post Europe’s MiCA Did Not Approve a Single Asset Under This Category appeared on BitcoinEthereumNews.com. Not a single company has been approved to issue an asset-referenced token (ART) under the EU’s Markets in Crypto-Assets (MiCA) regulation, two years after the rules took effect. ARTs are stablecoins backed by gold, other assets, or currency baskets. Unlike ordinary stablecoins that track one currency, such as the euro or dollar, an ART references several assets at once. Why MiCA’s ART Framework Has No Takers ARTs are designed to maintain stable value by being backed by multiple assets, rather than a single fiat currency. Examples include tokens backed by: A mix of assets, such as currencies, commodities, or other crypto assets. A basket of currencies (such as 50% euro, 50% US dollar). Gold or other commodities. MiCA reserves one of its largest sections, Title III, for these products. Lawmakers drafted the title after Facebook’s Libra, whose currency-basket design alarmed centr