On Thursday, April 20, the European Union (EU) MiCA regulation on cryptos was adopted. This standard sets a new guideline for the crypto industry. Above all, she can be a model for the global crypto industry. Indeed, elsewhere as in the United States, things are still procrastinating.
The MiCA regulation, a progressive measure?
The vote of the MiCA law on cryptos in Europe was, yesterday, the flagship news of the crypto industry. And there is reason, since this crucial text had been expected for several months. The measure makes the European Union the first region in the world where a clear crypto standard is implemented.
Without a doubt, this development is a major step forward. Not only for the mainland crypto industry, but also for the global one. Because, it is not a secret, elsewhere in the world, the regulation of this promising sector divides, and in fact skates.
MiCA’s impact on the global crypto industry
It is true that the MiCA standard marks progress for the crypto sector in terms of legal basis. Also, it is not excluded that it serves as a model for other continents which are still struggling to position themselves clearly.
In the United States in particular where the SEC is disputed, the MiCA could relaunch discussions on the relevance of the regulations. Perhaps the Institution could have to review its strategy? This, especially since crypto companies are undergoing an austere atmosphere in the country of Uncle Sam.
This option remains probable 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 can enjoy the same competitive advantage because of the MiCA. Especially since some platforms, like Nexo, are leaving the country. A gradual departure which could be massive if the situation does not change.
Be that as it may, the EU can count on certainties with this measure. Especially regarding the exemption of NFTs and airdrops. Many analysts believe that the choice to exclude them from regulation is of the utmost strategic importance.
Between stimulation of DeFI, and facilitation of financing, exchanges now have enough to bet on the attractiveness of the European crypto market. Is this the era of a new phase of growth for the latter?
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