The MiCA legislation is good news for crypto players
Smaller cryptocurrency exchanges and start-ups may benefit from the European Union’s Markets in Crypto-assets (MiCA) regulation, according to the European Commission.
On October 10, the European Parliament Committee passed the MiCA crypto policy, which aims to create a one-size-fits-all regulatory framework for the industry across the EU’s 27 member countries. The European crypto landscape is currently fragmented, with different regulatory regimes ranging from “fairly restrictive to non-existent” in each of Europe’s 27 countries.
This has resulted in time-consuming and financially demanding requirements for exchanges to ensure full compliance in various jurisdictions: Considering the costs of ensuring compliance across multiple borders, Bruncko said the current landscape hamstrung smaller players looking to scale across the continent.
Bruncko also believes early-stage crypto companies will benefit from the legislation, as they can focus on growth rather than legal and compliance issues.
It views the continent as one of the world’s largest and most advanced crypto economies. According to Bruncko, the wider region will continue to play a major role for the exchange given the fact that most financial innovation and leading fintechs are centered in Europe.
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