EU Targets Games Over Virtual Currency, Leaves Crypto Assets Unscathed

The European Union's crackdown on virtual currency has targeted 11 games, but crypto assets themselves seem to be left untouched for now.

Circle, a major player in the stablecoin market, has submitted its response to the European Commission's MiCA consultation, questioning current reserve requirements. The company proposes preserving multi-issuance and creating an equivalence regime, which could potentially exempt certain stablecoins from strict reserve rules.

In related news, Hyperliquid Policy Council (HPC) has urged the European Commission to build on existing EU on-chain market rules. HPC's proposal includes classifying perpetual contracts as MiFID-compliant derivatives, effectively bringing them under stricter regulatory oversight.