The European Union has recently passed the Markets in Crypto-Assets (MiCA) regulation, which aims to establish standard regulations and harmonized rules for the crypto industry and investors. However, some experts are concerned that MiCA's one-size-fits-all approach to regulation for decentralized finance (DeFi) may stifle innovation and increase compliance costs for smaller firms. Additionally, the regulation's requirement for crypto-asset service providers to gather and keep personal data raises privacy concerns and may subject users to privacy violations. It is important for authorities to strike a balance between privacy protection and innovation within the crypto industry.
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3 takeaways from the European Union's MiCA regulations
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