EU Watchdogs Warn of Scam Surge After MiCA Rules Exploited
Regulatory bodies in the European Union have flagged an increase in scams after fraudsters began mimicking legitimate cryptocurrency firms to exploit the Markets in Crypto-Assets (MiCA) rules.
The European Securities and Markets Authority (ESMA) has added 12 more firms to its MiCA register, bringing the total number of authorized crypto-asset service providers across Europe to 321. This update occurred on July 31, marking the fourth since the July 1 deadline for compliance with the new regulations.
As a result of the MiCA rules, there has been an acceleration in stablecoin consolidation around USDC. The regulation has transformed the operational landscape of digital assets within the EU, forcing firms to adapt and comply or risk losing access to European markets.