The reaction of industry leaders and policy makers to the passage of MiCA by EU

The reaction of industry leaders and policy makers to the passage of MiCA by EU

Many applauded its approval and suggested that the United States could be at a disadvantage in attracting crypto firms or investments if the bill is passed.

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The Markets in Cryptoassets (or MiCA) bill is moving forward, and many in the crypto space are excited about it. However, the European Council must still approve the framework before the final approval can be granted.

The European Parliament passed MiCA on April 20th, after two delays that began in November of 2022. The bill is designed to establish a uniform regulatory framework across the member states of the European Union for crypto assets.

The policy may be implemented as soon as 2024 if the European Council approves it. The bill was overwhelmingly approved by many crypto industry leaders as well as policymakers.

Changpeng “CZ Zhao”, CEO of Binance , suggested that he would start implementing changes in the exchange within the next 12 to 18 months to comply with the new framework. has also targeted for a perceived lack of regulation in the United States. This could lead companies to move their operations to the EU, with the implementation MiCA.

CZ said, “Overall, we believe this is a practical solution to the problems we face collectively.” “There are clear rules for crypto exchanges in the EU.”

Mairead McGuinness, EU Commissioner for Financial Stability, told legislators that they were “ahead” of many other jurisdictions in regards to crypto regulation. Over 500 parliamentarians voted in favor of MiCA.

Kraken is approved as a virtual asset service provider in Ireland before the MiCA vote

The crypto framework was a result of a crypto crash and high-profile bankruptcies that led many legislators around the world to call for regulatory clarity. Christine Lagarde of the European Central Bank also suggested that policymakers should implement a broader frame work in response to FTX’s collapse, suggesting a “MiCA II”.

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