Binance CEO Changpeng Zhao praised MiCA EU crypto regulation!

Binance CEO Changpeng Zhao praised MiCA EU crypto regulation! The European Parliament has voted on the Law on Crypto Asset Markets, known as MiCA, which aims to remove uncertainties and inconsistencies in regulations, and ultimately to protect end consumers. Under current regulations, crypto businesses had to comply a large number of different regulatory authorities and regulations of the member states of the European Union.

It is precisely the MiCA regulation that should adopt the desired legal regulations and standards and harmonize them rules for trading and circulation of crypto assets at the level of the European Union. On that way would define and ensure legal security for the crypto industry and investors. In this rounded the whole includes the management and operation of digital asset token issuers, then transparency and legal rules around the mediation and trading of cryptocurrencies. Concrete application and implementation of the MiCA regulation is expected in 2024, while certain provisions apply from the beginning of 2025.

One of the most influential people in the world of blockchain technology and cryptocurrencies, director of the largest of the world exchange Changpeng Zhao is full of words of praise for this initiative. On this way, he is convinced that many investors will protect themselves in a better way. "The finer details will be important, but overall, we think this is a pragmatic solution to the challenges of s which we face together. Now there are clear rules of the game for the operation of crypto exchanges in to the EU," said CZ.

On April 20, 2023, the European legislator voted on the “Transfer of Funds” regulation, where 529 voters voted in favor, 29 against, while 14 abstained. At the same time a vote was also held on the Markets in Crypto Assets (MiCA) regulation, where 517 voters expressed their support, 38 against, and 18 abstained.

The mentioned Regulation is mostly perceived with a dose of optimism. However, it is a broad one matter that is difficult to bind under legal regulations, especially since it is a concrete matter regulations of about 400 pages. The current draft does not mention decentralized finance (DeFi), does not address the growing sector of crypto lending and staking, and concise and specific rules regarding the regulation of non-fungible NFT tokens.

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