PARIS – Changpeng "CZ" Zhao, founder and CEO of crypto exchange Binance, says the European Union's landmark Market in Crypto Assets (MiCA) 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.
"The drafts are not adopting USD-based stablecoins, which have 75% of the liquidity in the market," Zhao said at Binance Blockchain Week in Paris on Wednesday.
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. Some in the industry are concerned 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.
Still, Zhao described MiCA as "fantastic" and said he expects it to be viewed as "the global standard" in crypto regulation for other jurisdictions to copy.
Zhao also said Paris is "probably...
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