ECB Issues Three Reports in Effort To Pass Biggest Crypto Law in Europe

In three reports published Monday, the ECB called on policymakers and member states to pass the Markets in Crypto-Assets (MiCA) law, Europe’s first attempt at comprehensive policy around cryptocurrencies, ironed out in late June. The law needs “to be implemented urgently,” the EU said in its report on stablecoins. MiCA will require stablecoin issuers to maintain ample reserves and regularly update disclosure documents. The new law would also address environmental concerns around crypto by having firms report their energy usage and emissions.