Binance CEO CZ pledges to comply with MiCA Crypto regulations
The European Parliament has given the green light to the first set of rules governing crypto-asset markets. The new law, called Markets in Crypto Assets (MiCA), will provide extensive oversight and is set to have a significant impact on the industry. This move follows the collapse of major companies such as FTX and marks a decisive step towards regulating the sector on a large scale.
Binance’s CEO has already expressed his willingness to make adjustments and comply with the new regulations. Keep reading for more details!
The CEO of Binance expressed his willingness to follow them
Changpeng Zhao, CEO of Binance, the world’s largest crypto exchange, recently posted a tweet expressing his willingness to comply with the new regulations set by the European Parliament. Acknowledging the implementation of MiCA, he stated that it marks the introduction of tailor-made regulations for the crypto market, aimed at protecting users and promoting innovation.
CZ further praised this move, seeing it as a practical solution to the industry’s challenges. He confirmed Binance’s readiness to adjust its business practices over the next 12-18 months to fully comply with the new rules.
EU Regulations Affecting US Crypto Industry?
As the world continues to embrace the possibilities of cryptocurrencies, regulatory frameworks are becoming increasingly important to ensure safe and secure transactions. With the EU leading the way in implementing comprehensive regulations through MiCA, the region is poised to become a hub for crypto businesses, attracting innovators and investors alike.
The recent move by Coinbase to shut down operations and seek better regulatory environments elsewhere is a clear indication of the challenges crypto companies face in countries like the US, which lack a regulatory framework.
Related: Coinbase expands offshore with Bermuda license as US regulators remain hostile to crypto industry – Coinpedia Fintech News
Unless they can keep up with regulatory developments in the industry, they risk falling behind their colleagues in more progressive regions such as the EU.
