Opinion: MiCA brings clarity, but stablecoin restrictions need improvement

2024/07/04 06:12

Odaily News Jason Allegrante, chief legal and compliance officer of Fireblocks, wrote that the EUs Crypto Asset Market Regulation (MiCA), which will be implemented this summer, is an important milestone for the crypto industry. While MiCA wisely excludes decentralized smart contracts and NFTs, there are problems with the issuance and trading restrictions on stablecoins such as USDT, USDC, and BUSD. The current limit is 1 million transactions or 200 million euros, which is far from enough to support the current level of activity. The total market value of global stablecoins is $162 billion, of which 75% is USDT, USDC, and BUSD. These EU restrictions could lead to major disruptions in the crypto ecosystem, especially in non-speculative use cases.

原文链接
Latest news
08:12
White House: US announces trade deal with China in Geneva
08:06
Microsoft renegotiates investment agreement with OpenAI, may give up part of equity in exchange for continued access
08:01
China and the United States reached important consensus on economic and trade, and the talks made substantial progress
08:00
Canadian technology company Matador plans to raise $3 million CAD, with part of the net proceeds to be used to increase Bitcoin holdings
07:59
South Korea’s central bank seeks early involvement in approval process for won-backed stablecoin
Recommended Reading