By Panayotis C. Yannakas
MiCAR didn’t just regulate stablecoins; it rewired the entire holder–issuer relationship. > Traditional e‑money needs a contract. > Cryptos create rights by law, even for people who never met the issuer.
Under the EU’s Travel Rule, self‑hosted wallets are still allowed, but never invisible. Every transfer through a CASP triggers identity checks, blockchain analysis, and permanent address linking.
MiCAR was designed to reduce risk; yet it pushes stablecoin reserves into the very banking system they were meant to bypass.