... Europe. In the European Union, the regulatory framework MiCA (Markets in Crypto-Assets) came into effect in 2024, establishing unified rules for crypto assets, including stablecoins. Under MiCA, stablecoin issuers (especially large ones, termed "electronic money tokens" or "asset-pegged tokens") must register in the EU, comply with strict requirements related to reserves' adequacy and liquidity, regularly disclose information, and adhere to transaction volume regulations. For instance,...