EU Passes Crypto Law with Prescribed Whitepapers, Free Airdrops and NFTs https://t.co/ngrf9f1YDT#btc #eth #doge #bnb #crypto #xrp #ada #dot #luna #ltc #uni $sol #crypto #shiba #matic #sol #avax #cryptocurrency #cryptonews
— Crypto Freakie (@Crypto_Freakie) April 20, 2023
10%discount on #Binance :https://t.co/X88WOkuryx
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MiCA regulation: the EU sends a strong signal to the crypto world
Mon 24 Apr 2023 ▪
3
min of reading ▪ by
Getting informed
▪
Crypto regulation
On Thursday, April 20, the European Union’s (EU) MiCA regulation on cryptos was adopted. This regulation sets a new guideline for the crypto industry. It can especially be a model for the global crypto industry. Indeed, elsewhere like in the US, it’s still procrastinating.
The MiCA regulation, a progressive measure?
The vote of the MiCA crypto regulation in Europe was, in fact, the main news of the crypto industry last week. And with good reason, since this important text had been expected for several months. The measure makes the European Union, the first region in the world where a clear crypto standards is implemented.
Undoubtedly, this development is a major step forward. Not only for the continental crypto industry, but also for the global one. Because, it’s no secret, elsewhere in the world, the regulation of this promising sector is divisive, and in fact stagnant.
The impact of MiCA on the global crypto industry
It’s true that MiCA is a step forward for the crypto industry in terms of its legal foundation. Also, is it not excluded that it serves as a model for other continents that still struggle to position themselves clearly.
In the United States in particular, where the SEC is contested, MiCA could revive discussions on the relevance of regulation. Perhaps the institution could be led to review its strategy? Especially since crypto companies are undergoing an atmosphere of uncertainty in Uncle Sam’s country.
This option remains possible when we know the propensity of crypto firms to establish themselves wherever the rules are clear. This is the case in Singapore or Hong Kong. And it is not excluded that the EU could play the same competitive advantage because of MiCA. Especially since some platforms, like Nexo, are leaving the country. A gradual departure that could be massive if the situation does not change.
In any case, the EU can, with this measure, rely on certainties. In particular with regard to the exemption of NFTs and airdrops. Many analysts believe that the choice to exclude them from regulation is of the utmost strategic importance.
Between stimulating the DeFi, and facilitating funding, exchanges now have something to bank on the attractiveness of the European crypto market. Is this the era of a new growth phase for cryptos?
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L'équipe éditoriale de Cointribune unit ses voix pour s’exprimer sur des thématiques propres aux cryptomonnaies, à l'investissement, au métaverse et aux NFT, tout en s’efforçant de répondre au mieux à vos interrogations.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.