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Author: Vince Quill, Cointelegraph; Compilation: Five baht, Bit Chain Vision Realm
On July 1st, Jeremy Allaire, co -founder and CEO of Circle, announced that the company became the first stable coin issuer to regulate the regulatory approval of the EU’s EU Crypto Asset Market (MICA) regulatory framework.
According to the new rules, Circle’s USDC and EURC meet the regulatory requirements, and immediately take effect. This calms the concerns that investors must redeem stablecoins or transfer funds to other digital assets in order to maintain compliance.
Subsequently, ALLAIRE announced that Circle chose France as the company’s European headquarters because of France’s forward -looking position in digital asset supervision and the cooperation between Circle and the French prudent supervision and disposal bureau (ACPR).
The co -founder of Circle also reviewed the historical significance of the European Union’s regulatory reform. This is the first comprehensive digital asset supervision framework, which proves the long road to the asset category since its birth.
“The entire concept of legal digital currency actually does not exist outside the early encryption circle. It is unimaginable to see the concept of incorporating stable coins into the main global law of the financial system.”
Mica worry and stabilization coin market
In order to cope with the transformation of the European Union, several exchanges have announced their change in its stable currency policy and product supply.
MICA regulatory framework implementation timetable.Source: European Securities and Market Authority
In June, the cryptocurrency exchanges and the hosting platform UPHOLD announced in an email sent to its European users that it would remove six stablecoins.These include Tether, DAI, Trueusd (TUSD), Gemini Dollar (GUSD), Pax Dollar (USDP), and Frax Protocol (FRAX).
BitStamp followed closely, and later the Tether’s EURT stabilized coin was removed later in the same month to cope with this major change, although BitStamp was one of the first exchanges to list the legal tokens of the digital.
Binance also adopts a similar but gentle attitude towards new stable currency regulations, and has adopted a “only sell” strategy for certain stable currency products in the European market.This world’s largest centralized exchange explained that it will not remove any stablecoin for its European users. Instead, it chooses to mark the legal equivalent as compliance or non -compliance, and restrict certain market functions of European customersEssence
