.binance CEO cz_binance says the European Union's upcoming crypto regulations under the MiCA framework are “a little bit strict” on stablecoins. JamieCrawleyCD reports from Paris.
PARIS – Changpeng"CZ" Zhao, founder and CEO of crypto exchange Binance, says the European Union's landmark Market in Crypto Assets regulation is"a little bit strict" on stablecoins, which are cryptocurrencies pegged to the value of other assets like gold or the U.S. dollar.
In June, EU lawmakers agreed to the main political points of MiCA, which will allow crypto companies to operate across the bloc's 27 member nations with a single license.that a legislative cap on stablecoins becoming widely used as a means of payment could constrain the market, particularly for assets not priced in euros.
Zhao also said Paris is"probably ... the financial hub for crypto in Europe and the larger part of the world," and he expects the industry in France to"explode" in the next five years, which will be helped by lower taxes andFrance has historically had a highly regulated labor market compared with countries such as the U.K., U.S. and even many countries in the EU, making it more expensive for companies to hire and fire.
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