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What is an Asset-Reference Token? Lessons from the Ethena Case

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Regulation 1114/2023 (the Markets in Crypto-Assets Regulation, or MiCA) became fully applicable in January 2025. Since then, many businesses have successfully received authorization from national competent authorities to provide services with crypto-assets, or to offer crypto-assets to the public. One of MiCA’s singularities, in comparison with other national regulatory frameworks, is the way it regulates the commercialization of crypto-assets known as stablecoins….
By: DLA Piper
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Blockchain and Digital Assets News and Trends – June 2025