Bill to regulate cryptocurrencies MiCA will benefit small companies associated with digital assets. Such an opinion in an interview Cointelegraph said the Executive Vice President of the European division of Binance Martin Brunko.
According to him, now the supervision of the industry in the region is fragmented – in 27 EU countries there are different regulatory regimes. As a result, exchanges are forced to spend a lot of time and money to ensure full compliance in all jurisdictions.
“We are actually, I would say, almost thrilled with MiCA because [законопроект] creates a single market,” said the top manager.
The current regulatory environment is holding back smaller players from scaling up, Brunco said. He urged not to be afraid of the new rules, as they will make it easier for businesses to grow and allow startups to focus on growth, not compliance.
“Many large crypto projects have been launched outside of Europe. If you take Ethereum, it actually started in London, Switzerland and a lot of other places. Since then, we have had a huge number of different successful and influential projects from Europe,” added the representative of the exchange.
In October, members of the Council of the EU signed the text of the draft law on the regulation of digital assets without further discussion. MiCA includes rules that apply to issuers of unsecured crypto assets, stablecoins, trading and custodial platforms.
Crypto asset service providers will be required to adhere to strict requirements aimed at protecting consumers, and trading platforms will be required to provide white paper.
The efforts of the EU authorities in the field of regulation of cryptocurrencies worried the ex-chairman CFTC Christopher Giancarlo. He said that this threatened to impose a European model and would damage the ability of US oversight bodies to effectively create their own rules.
In September, Binance CEO Changpeng Zhao called the MiCA bill “fantastic” but “a bit strict” on stablecoins. In his opinion, the document can become a “global standard” in the regulation of cryptocurrencies for other jurisdictions.
Recall that in November it became known that the European Parliament postponed the final vote on the bill to February 2023.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
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Bill to regulate cryptocurrencies MiCA will benefit small companies associated with digital assets. Such an opinion in an interview Cointelegraph said the Executive Vice President of the European division of Binance Martin Brunko.
According to him, now the supervision of the industry in the region is fragmented – in 27 EU countries there are different regulatory regimes. As a result, exchanges are forced to spend a lot of time and money to ensure full compliance in all jurisdictions.
“We are actually, I would say, almost thrilled with MiCA because [законопроект] creates a single market,” said the top manager.
The current regulatory environment is holding back smaller players from scaling up, Brunco said. He urged not to be afraid of the new rules, as they will make it easier for businesses to grow and allow startups to focus on growth, not compliance.
“Many large crypto projects have been launched outside of Europe. If you take Ethereum, it actually started in London, Switzerland and a lot of other places. Since then, we have had a huge number of different successful and influential projects from Europe,” added the representative of the exchange.
In October, members of the Council of the EU signed the text of the draft law on the regulation of digital assets without further discussion. MiCA includes rules that apply to issuers of unsecured crypto assets, stablecoins, trading and custodial platforms.
Crypto asset service providers will be required to adhere to strict requirements aimed at protecting consumers, and trading platforms will be required to provide white paper.
The efforts of the EU authorities in the field of regulation of cryptocurrencies worried the ex-chairman CFTC Christopher Giancarlo. He said that this threatened to impose a European model and would damage the ability of US oversight bodies to effectively create their own rules.
In September, Binance CEO Changpeng Zhao called the MiCA bill “fantastic” but “a bit strict” on stablecoins. In his opinion, the document can become a “global standard” in the regulation of cryptocurrencies for other jurisdictions.
Recall that in November it became known that the European Parliament postponed the final vote on the bill to February 2023.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
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