Binance has raised concerns about how the Market in
Crypto Asset (MiCA) regulation will apply to decentralized and foreign issuers.
One of the exchange’s concerns is its provisions regarding stablecoins. These
digital assets, whose values are tethered to traditional assets like fiat
currency or precious metals, face a critical moment as MiCA’s provisions on
stablecoins are scheduled to take effect in June 2024.
Marina Parthuisot, the Head of Legal at Binance
France, expressed her apprehension during an online public hearing hosted by
the European Banking Authority (EBA), stating that without any project
approvals yet, Europe could be heading towards a delisting of all stablecoins
by June 30. This, she believes, could significantly impact the European crypto
market compared to the rest of the world.
Marina Parthuisot, Binance’s French legal director, said that since the MiCA bill that will take effect in June 2024 has not yet approved any stablecoins, Binance plans to delist all stablecoins in Europe on June 30, 2024. CoinDesk https://t.co/PDEKnZegE9
— Wu Blockchain (@WuBlockchain) September 21, 2023
The European Banking Authority (EBA) and the
European Securities and Markets Authority (ESMA) are currently in the process
of fine-tuning the finer details of MiCA. This process includes addressing
critical questions about how the regulation will apply to decentralized and
foreign issuers.
At their core, stablecoins are a category of
cryptocurrencies
