Opinion: MiCA brings clarity, but stablecoin restrictions need improvement
Odaily2024/07/03 23:51
By:Odaily
Odaily News Jason Allegrante, chief legal and compliance officer of Fireblocks, wrote that the EUs Crypto Asset
Market Regulation (MiCA), which will be implemented this summer, is an important milestone for the crypto industry. While MiCA wisely excludes decentralized smart contracts and NFTs, there are problems with the issuance and trading restrictions on stablecoins such as USDT, USDC, and BUSD. The current limit is 1 million transactions or 200 million euros, which is far from enough to support the current level of activity. The total market value of global stablecoins is $162 billion, of which 75% is USDT, USDC, and BUSD. These EU restrictions could lead to major disruptions in the crypto ecosystem, especially in non-speculative use cases.
0
0
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!
You may also like
Trump considers Kevin Warsh as Treasury secretary first, then Fed chairman
Cointime•2024/11/22 06:11
US Embraces Cryptocurrency to Reinforce Global Leadership in FinTech Innovation
Cointime•2024/11/22 06:11
241122: XRP Price Surges 25% as Headwinds for Ripple Clear Even More
XRP is closely-related to Ripple Labs, a high-profile payments company targeted by the SEC since 2020 on allegations of selling the token as a security to U.S. investors. Ripple fully cleared a long-drawn court case in 2024, bringing the spotlight back on XRP, a major token that commands a $77 bill
Bitget Academy•2024/11/22 05:49
Trending news
MoreCrypto prices
More
Bitcoin
BTC
$99,031.83
+1.95%
Ethereum
ETH
$3,372.79
+7.81%
Tether USDt
USDT
$1
+0.04%
Solana
SOL
$259.28
+8.82%
BNB
BNB
$629.8
+3.15%
XRP
XRP
$1.4
+25.77%
Dogecoin
DOGE
$0.3928
+2.10%
USDC
USDC
$0.9999
-0.01%
Cardano
ADA
$0.8820
+12.69%
TRON
TRX
$0.1991
+0.91%
Bitget pre-market
Buy or sell coins before they are listed, including ZRC, XION, OGC, MEMEFI, and more.
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new Bitgetters!
Sign up now