EU crypto rules set to cap dollar-pegged stablecoins

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By Huw Jones and Elizabeth Howcroft LONDON (Reuters) – European Union rules to regulate crypto assets will curb the market share of non-euro denominated stablecoins from 2024, potentially limiting EU competitiveness, industry representatives have said. Ambassadors for the 27 EU states on Wednesday gave their approval to a deal on the new Markets in Crypto Assets Regulation (MiCA) thrashed out in June with the European Parliament. To become law, the Parliament must vote on the rules, something which is expected to happen in December or early 2023. The ambassadors also published a full text of t…