Opinion: The Mica bill will simplify the work of crypto companies in Europe

The Mica cryptocurrency regulation bill will benefit small companies related to digital assets. This opinion in an interview with Cointelegraph was expressed by the executive vice president of the European Binance division Martin Brunko.

According to him, now the supervision of the industry in the region is fragmented – in 27 countries of the European Union there are different regulatory regimes. As a result, the exchanges are forced to spend a lot of time and money to ensure complete compliance with the requirements in https://gagarin.news/news/buterin-diaries-whats-he-up-to-these-days/ all jurisdictions.

“We really, I would say, are almost delighted with Mica, because [the bill] creates a single market,” said the top manager.

The current situation in regulation restrains smaller players in their desire to scale, Brunko believes. He urged not to be afraid of new rules, since they will simplify the development of business and allow startups to focus on growth, and not on compliance with the requirements.

“Many large crypto projects were launched outside Europe. If you take Ethereum, it actually began in London, Switzerland and many other places. Since then we have had a huge number of different successful and influential projects from Europe, ”the representative of the exchange added.

In October, participants in the EU Council signed the text of the bill on the regulation of digital assets without further discussion. Mica includes rules that apply to issuers of unsecured cryptoactives, stablecoins, shopping and casteral platforms.

Suppliers of crypto acting services will be obliged to adhere to strict requirements aimed at protecting consumers, and from trading platforms they will need to provide White Paper.

The efforts of the EU authorities in the field of cryptocurrency regulation were concerned about the ex-chairman of CFTC Christopher Jankarlo. He stated that this threatens to impose a European model and will damage the ability of US supervisory authorities to effectively create its own rules.

In September, CEO Binance Chanpeng Zhao called the Mica bill “fantastic”, but “a little strict” regarding stabilcoins. In his opinion, the document may become a “global standard” in the regulation of cryptocurrencies for other jurisdictions.

Recall that in November it became known that the European Parliament transferred the final vote under the bill for February 2023.

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