New regulations include that crypto exchanges and wallet providers looking to operate across the 27-nation bloc will be able to do so with a license issued under MiCA, which will likely be truly enforced in June after being published in the official EU journal. However, critics argue that excessive regulations could stifle innovation and drive crypto businesses away from the EU.
What the article does not say is that MiCA appears to also ban so-called privacy coins like Monero.
The so-called “travel rule”, already used in traditional finance, will in future cover transfers of crypto assets. Information on the source of the asset and its beneficiary will have to “travel” with the transaction and be stored on both sides of the transfer.
Crypto exchange Binance appears to have already informed its clients in Poland, Italy, Spain and France about the changes.