Cryptocurrency

Binance’s CZ says Europe’s MiCA framwork could be a global crypto regulation standard

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Binance CEO Changpeng “CZ” Zhao said the European Market in Crypto Assets (MiCA) regulatory framework, although demanding, could become a global standard.

inside Fireside chat At the Binance Blockchain Week in Paris on Sept. 14, CZ said the regulatory guidelines proposed at MiCA were “brilliant” and could become a global standard for other regulators to copy. I was.

Under the proposed MiCA regulations, cryptocurrency companies will only need to apply for one license to operate in the 27 blocks of the European Union.

However, CZ added that MiCA is a bit stricter by restricting access to dollar-backed stablecoins.

“The Draft does not feature US dollar-based stablecoins, which account for 75% of market liquidity.

Given that dollar-backed stablecoins are the primary source of liquidity in the global crypto market, restricting access in the EU would allow investors to access deep liquidity to execute trades. It may be restricted.

CZ praised the role of the French Ministry of Technology in drafting the MiCA regulation and expressed optimism about the future of cryptocurrencies in France.

He said:

Paris is “probably … the financial hub for cryptocurrencies in Europe and much of the world.”

The Binance CEO also hinted at expanding the Binance team in Paris to “over 100 people.”

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