EU completes the legal text for the landmark MiCA crypto regulations

The full text of the European Union’s landmark Markets in Crypto Assets legislation has been finalised.

According to a leaked draught of the bill, EU enforcers should prioritise “substance over form” when enforcing the law.

In general, NFTs where a set of fungible tokens is issued to represent one NFT are not covered by MiCA.

The draught demonstrates that MiCA does not apply to NFTs that are truly unique and cannot be traded with one another.

Instead, it intends to cover a wide range of products in which a collection of fungible tokens represents one NFT.

The precise wording could determine whether MiCA covers the majority of the market, such as Bored Apes.