The European Union is currently in the critical phase of implementing the Markets in Crypto-Assets regulation, also known as MiCA. This regulation aims to harmonize crypto regulations across all 27 EU member states, providing clarity, consumer protection, and market stability. However, as the implementation progresses, issues are emerging. The article discusses the key provisions of MiCA, particularly regarding stablecoins, and the reluctance of major market players to comply. Crypto asset service providers in the EU have started acquiring licenses since January 2025, with existing firms given a transitional period to comply. MiCA imposes strict rules on stablecoins, including authorization requirements, white paper publication, and restrictions on offering interest. Tether's decision not to seek MiCA compliance could impact liquidity and DeFi activities in the EU. Despite challenges, some firms like BitGo are embracing MiCA-aligned licenses, emphasizing strategic alignment with evolving regulations in Europe. Read more AI-generated news on: https://app.chaingpt.org/news