EU MiCA Bill Takes One More Step Towards Adoption

The European Union’s Markets in Crypto Assets (MiCA) bill has reportedly been finalized and left open for comments. While the bill has largely focused on stablecoins and has been largely silent on the non-fungible token and decentralized finance industries, the latest draft’s implicit inclusion of nonfungible tokens may catch enforcers napping. Leaked on Sep. 20, 2022, the new bill encourages enforcers to consider “substance over form” strategy, which means that certain tokens like NFTs with a certain degree of fungibility could fall under the bill’s remit.