Opinion: MiCA brings clarity, but stablecoin restrictions need improvement

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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.

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.

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