The MiCA (Markets in Crypto-Assets) regulations took effect in June, and the impact on the European cryptocurrency market can now be assessed.
Overview of MiCA
The MiCA regulations, governing the cryptocurrency market within the European Union, came into effect in June. They aim to establish a unified standard for cryptocurrency companies and protect users.
Licensed Companies
Currently, 53 cryptocurrency companies have been licensed under MiCA. This includes 14 stablecoin issuers and 39 crypto asset service providers from seven countries. Companies such as Coinbase, Kraken, and Bitstamp are among those now authorized.
Absence of Binance and Tether
Despite the progress made by other firms, Binance and Tether have not received licenses. Tether's CEO, Paolo Ardoino, previously stated that MiCA rules are too harsh for stablecoin firms and that the company does not intend to apply for a license, aiming to protect over 400 million Tether users.
The cryptocurrency market in the European Union is clearly heading toward regulation through MiCA, granting licenses to many companies, while some major players like Tether and Binance are not currently meeting the new requirements.
