Changpeng Zhao (CZ) took advantage of the Binance Blockchain Week Paris 2022 event to deliver his impressions of MiCA. For him, this proposed regulation of the European Commission should serve as a reference standard for the regulation of the market of digital assets on a global scale.
CZ: Rave reviews of MiCA law
Binance Blockchain Week is taking place in Paris (Palais des Congrès) from September 14-16, 2022. CZ’s first talk focused on the role of France and Europe in the digital revolution. He took advantage of this opening discussion with Jean-Noël Barrot, the French Minister of Technologies and Telecommunications, to discuss his opinion on MiCA (Market in Crypto Assets).
He declares that he is satisfied with the rules set out in the bill Mica. During this opening intervention, he also underlines the potential of Europe and particularly that of France in the development of the cryptographic market. He nevertheless deplores the excessively high taxes and an overly rigid labor code. More flexibility, he said, would better support the market. Either way, CZ is convinced of the potential of France which he sees as the biggest hub for Binance.
Slight disappointment with the treatment of stablecoins
If CZ had one complaint to make about the MiCA proposal, it would be about the stablecoins. And especially those backed by the dollar. The regulation would be particularly harsh on these assets. And yet, “USD-based stablecoins have 75% of the liquidity in the market. “, he explains. Furthermore, the Market in Crypto Assets would lack clarity in terms of DeFi and NFT. Either way, he sees the European Commission’s regulation could serve as a standard for regulating the crypto market globally.
MiCA’s proposals, most of which were accepted by EU lawmakers in June, aim to create a framework conducive to innovation. The latter does not pose any obstacles to the application of new technologies. And this, while guaranteeing a common approach throughout the single market. But also by tackling the new risks posed by cryptoassets.
Binance wants to develop in France in compliance with local regulations. The exchange was also the first to register as a virtual asset service provider (VASP) in France. It has already started recruiting for its operations in Paris.
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