Chainalysis Report Highlights Stablecoins Dominance and MiCA Regulatory Framework Implementation
- WBOYOriginal
- 2024-07-01 14:23:20307browse
Blockchain analytics firm Chainalysis has released a report detailing the implementation of the European Union's Markets in Crypto-Assets Regulation (MiCA) "Stablecoins Regime," which takes effect on June 30, 2024.
A recent report by blockchain analytics firm Chainalysis delves into the upcoming implementation of the European Union’s Markets in Crypto-Assets Regulation (MiCA) “Stablecoins Regime,” set to take effect on June 30, 2024.
The report highlights the significant role of stablecoins in crypto transactions during 2023, accounting for a remarkable 60% of the $10 trillion on-chain transaction volume. This translates to an average daily transfer of $17.4 billion via stablecoins, with approximately 1.5 million transfers occurring each day.
Interestingly, further analysis reveals that 91% of these stablecoin transactions were valued below $10,000, indicating widespread retail usage of stablecoins for smaller transactions.
The report also outlines how MiCA introduces new licensing requirements for issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) within the EU. This regulatory framework aims to harmonize the previously fragmented landscape, enhancing legal certainty and consumer protection.
Chainalysis explains that ARTs can be pegged to various assets or multiple currencies, while EMTs are tied to a single official currency. Both categories are now subject to comprehensive regulatory oversight under MiCA.
The firm's analysis also reveals an emerging trend of longer holding periods for stablecoins, with an average of 40 weeks before transfer, which may indicate evolving user behavior in the crypto market.
It's important to note that while the stablecoin regime is immediately effective, the complete MiCA framework for other crypto assets and service providers will be implemented on December 30, 2024. This phased approach allows industry participants to adapt to the new regulatory environment.
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