- Binance CEO Changpeng Zhao welcomed the European Union’s resolution to implement MiCA.
- Zhao said that his firm will totally adjust to the brand new cryptocurrency regulatory regime inside 18 months.
- MiCA was accredited by an amazing majority within the European Parliament at the moment.
Changpeng Zhao, head of the world’s largest cryptocurrency trade, welcomed the European Union’s resolution to implement the Markets in Cryptocurrency Belongings Regulation (MiCA). The European Parliament at the moment voted 517 to 38 in favor of MiCA, overwhelmingly approving the brand new cryptocurrency regulatory regime.
Zhao took it Twitter to welcome the transfer by European Union lawmakers to introduce its personal cryptocurrency industry-tailored rules for shopper safety and innovation. The implementation of MiCA will present much-needed regulatory readability and assist firms on this {industry} function in compliance with the regulation.
Changpeng Zhao sees the adoption of MiCA as a realistic answer to the challenges going through the cryptocurrency {industry}. He added that his firm would modify its operations over the following 18 months to “totally comply” with the brand new EU regulatory regime.
With the introduction of MiCA, the European Union has change into the primary main jurisdiction on the planet to implement a complete regulatory and licensing regime for cryptocurrencies. In keeping with Mairead McGuinness, the monetary companies commissioner, the principles will come into impact subsequent 12 months. The Commissioner said that MiCA will assist shield shoppers and shield monetary stability and market integrity.
Commenting on the most recent developments, EU lawmaker Stefan Berger said: βBecause of this the EU is on the forefront of the token financial system with 10,000 completely different crypto-assets. Shoppers can be shielded from fraud and scams, and the sector that was broken by the FTX debacle can regain confidence.
