Following the passing of the proposed MiCA by the EU in October, a top Binance official has assured that the proposed bill favors crypto exchanges in the region. This announcement has continued to generate positive reactions from crypto users and entities.
MiCA Regulation, A Safe Space for Web3/Crypto Companies
The EU has been in talks for the Market In Crypto Asset (MiCA) regulation since September 2020. However, the regulatory framework seems to be coming to life soon.
The European Commission has been consulting and meeting to regulate the cryptocurrency space in all its member countries. However, the regulatory framework began to create fear in crypto users over the possible negative effect it could exert on the space.
Binance Vice President for the European region, Martin Bruncko, assured that the regulatory framework is friendly for crypto exchanges. Martin revealed this update during an interview with Cointelegraph a few days ago in Lisbon.
Martin also revealed that the European region would be more friendly, accessible, and conducive for crypto exchange and entities. He also alleged that the regulatory framework would create insights into crypto exchange’s growth in the region.
“Cryptocurrency views in the European Region are currently divided and separated. The 27 European country members have different views and regulatory frameworks for cryptocurrency and web3. In which some of the frameworks are harsh, restrictive, and non-conducive for crypto entities. With Mica, a generalized framework will be designed ”
Mica Regulation, Allows For the Growth of Startups
During the interview, Bruncko Martin stated that the regulations in different jurisdictions inhibited startup growth. The cost of adhering to the additional requirement stated by other countries may not be affordable for startup crypto entities.
“This has impeded exchanges from expanding their branches into different regions. It is also financially demanding to meet several requirements for different countries and regions.
We are excited about the Market In Crypto Asset Regulation, as we would only have to fulfill a single requirement. If the one-size-fits-all Mica is successfully adopted across the 27 countries, crypto entities will soar in Europe.
Even small entities can operate in 27 countries fulfilling only one requirement. It makes it easier for small and medium-sized companies to grow faster.
In conclusion, the Binance Europe VP acknowledged Europe as an essential point for Binance. “Most of the high-profiled crypto projects out there originated from the European markets. The continent is one of the biggest, adopted, and most advanced crypto markets globally in the world”.
