What Will Be the Effects of Europe’s Crypto Asset Regulation?

Crypto assets, one of the most controversial investment tools of recent years, have been in the attention of almost all governments and management levels for a while. In this context; Many countries, including Turkey, have some for crypto assets. legal regulations already implemented. The European Union has also done some work on this issue, and recently, a regulation on cryptoassets has been passed by the European Parliament. accepted.

The European Union’s crypto-asset regulation “Crypto-Asset Regulation” (MiCA) are named. The regulation, which is planned to come into effect as of next year, will be implemented in several stages and will bind all European Union countries. So MiCA is about cryptoassets what does it contain And what do industry stakeholders think about this issue?

What provisions does the European Union’s Crypto Assets Regulation introduce?

The regulation, which has been worked on for several years and adopted by the European Parliament on April 20, is the most to protect investors aims. In this context; Persons or institutions that want to develop crypto money are required to create a whitepaper within the scope of this law. In addition, exchanges and other institutions obtain licenses in order to provide services and meet the requirements of these licenses. their fulfillment needs.

So what do the experts say?

The name, which makes statements about the European Union Crypto Assets Regulation (MiCA), is the world’s largest crypto exchange. BinanceRichard Teng, Regional President of Europe and MENA (Middle East and North Africa). heard from editing satisfaction Expressing that, Teng made remarkable evaluations.

With MiCA, crypto assets have become a new asset class!

*Binance Europe and MENA Regional President Richard Teng.

“MiCA, crypto assets a new asset class accepted as“, said Richard Teng, explaining why this is important: “This decision is to protect consumers and efficiently and fairly It is the right approach to achieve policy goals such as making it work.”

No service will be provided without a license!

Richard Teng also touched on MiCA’s regulations regarding exchanges and other crypto service providers. With editing, things can also be done for Web3-focused companies. because it gets easier Mentioning the Binance executive, he said:Crypto-asset service providers will be given 18 months to transition to the new process, obtain a license, and comply with MiCA’s requirements. At this point, to operate throughout the EU they will get visa. This will greatly simplify compliance for Web3 businesses, which can now rely on a single rulebook instead of the expensive and fragmented auditing approach that exists today.”

Europe could become the epicenter of the crypto-asset community

Mentioning that the European Union’s crypto asset regulation is important for the whole world, Richard Teng said that the EU’s regulation point will remain in the leading position expressed. Moreover, this situation will change the place of Europe in this community. Because, with the regulation, the work of the companies is also important for the investors. confidence It will be easier to win. The assessment of the Binance manager on this issue was as follows:

“Regulation and clarity provide the kind of certainty and assurance that both investors and businesses need, driving innovation and security across markets. competitiveness will encourage. With the introduction of MiCA, Europe will begin to attract Web3 innovators from around the world. With the political will and the right investments, Europe epicenter can become.”

Binance has always welcomed regulations!

MiCA was a development that benefited not only the investors but also the stock markets. Our readers who follow the sector closely know; sometimes too big we encountered scams and this situation led to the smearing of world giant stock markets such as Binance. In fact, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance CEO CZ (Changpeng Zhao) just a few months ago. About the subject making statements CZ is already with the authorities. partnership He said they were in. The arrangement will also allow Binance to breathe a sigh of relief.

With this; Richard Teng thinks they will breathe a sigh of relief with MiCA. “The clear rules of the game create an even playing field for market participants.‘ said Teng, it’s a ton for them to come under a regulation and act accordingly. will take advantage stated. Of course, the regulation that works for a giant stock exchange like Binance, has made it possible for exchanges that have been established for profiteering like THODEX over the years. rooted out will be.