The members of the EU Council have just signed the text of the draft law on the regulation of cryptocurrencies MiCA.
This separate anti-money laundering money transfer law requires custodial service providers to verify the identity of their clients.
The MiCA includes rules that apply to issuers of unsecured crypto assets, issuers of stablecoins, trading and custody platforms.
Once the law comes into force, crypto asset service providers will have to comply with strict requirements aimed at protecting consumers. It should be noted that they may be held liable in case of loss of investors' funds.
As far as trading platforms are concerned, they will have to provide a white paper as well as penalties for the use of misleading information.
For consumers, there will be disclaimers mentioning the risks of loss associated with crypto assets, while for companies, rules for marketing communications.
