Binance CEO thinks EU crypto regulation will be the global standard

Binance CEO Changpeng Zhao believes that the European Union's Markets in Crypto Assets (MiCA) regulation could be adopted globally.

Speaking at the Binance Blockchain Week in Paris today, Zhao said that the EU's crypto regulations could become a global regulation as a reference for other countries. The Binance boss, who found the MiCA regulations generally beneficial, emphasized that the legislation contains positive articles for crypto companies, while emphasizing that an operating license approval can be obtained with a single application instead of making many applications. The Crypto Asset Markets legislation was created to bring legal regulations to the 27-member European Union's cryptocurrencies and companies operating in this field. The MiCA legislation, which was agreed upon earlier this summer, basically aims to increase confidence in the crypto industry. Binance CEO Changpeng Zhao said that while he found the legislation useful in general terms, he was concerned about some of the issues addressed. In fact, the legislation includes some restrictions for the stable cryptocurrency sector. The most notable of these is the restriction on the issuance of dollar-pegged stable crypto assets within the European Union. Some have speculated that this clause could lead to a ban on the use of stablecoins in the region. Sharing Zhao's concern, the European Blockchain and Digital Euro Association filed an application last month to revise this article restricting stablecoins. On the other hand, MiCA's exit is seen as an important development in terms of guiding crypto regulations globally. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!