What it requires
Crypto asset service providers such as exchanges and custodians need a license from one EU regulator, which then lets them serve the whole bloc. Stablecoin issuers must hold reserves and publish white papers. Rules also cover market abuse and marketing.
What it means for users
Clearer protection: segregated customer assets, complaint procedures and disclosures. Some stablecoins and services that did not seek a license have been delisted for EU users.