Changpeng Zhao, CEO of crypto exchange Binance, has said the MiCA crypto regulation bill agreed by EU authorities is “fantastic” but “a bit strict” with respect to stablecoins.
In particular, the document outlines rules that apply to issuers of unsecured crypto assets, stablecoins, trading and custodian platforms.
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Zhao has criticized during Binance Blockchain Week Paris the fact that the bill is too strict on USD-based stablecoins, “which account for 75% of market liquidity.”
However, he has highly appreciated the work of the EU authorities. In his opinion, the document can become a “global standard” in cryptocurrency regulation for other jurisdictions.
Zhao has said that Paris is a potential “crypto-financial hub for Europe and most of the world.”