From the point of view of organizations that are involved in transactions of crypto currencies and tokens in one way or another, the MiCA Regulation is expected to affect crypto exchanges, crypto wallet providers, and crypto issuers, to name a few.
From the point of view of individuals who have invested in, use, buy, and sell crypto assets, etc., the MiCA Regulation will most probably have implications, since these individuals depend on the above organizations, and how they will be affected by and respond to the MiCA Regulation.
One such an effect refers to stablecoins, which, according to the regulation, are required to be backed on a 1:1 ratio by reserves of their relevant fiat currencies, in addition to licensing requirements that apply, due to the fact that the regulation treats stablecoin issuers as electronic money issuers, literally.
I believe that HBD is a stablecoin, and I’m not sure of whether and how the MiCA Regulation applies to it, either directly or indirectly.
In addition to HBD, there are also tokens within the Hive Engine ecosystem that are pegged to crypto assets that are, in turn, pegged to fiat, such as SWAP.USDT, which is USDT pegged, which is pegged to the US dollar.
Actually, USDT is close to be given unauthorized status, as opposed to regulated status, in the context of the above regulation.
Can anyone shed some light, in practical terms, on the above situation, and how the Hive blockchain, and Hive users from the EU may be affected?
Thank you in advance for any helpful responses and comments,
A minnow.