Opinion: MiCA brings clarity, but stablecoin restrictions need improvement
Jason Allegrante, the Chief Legal and Compliance Officer of Fireblocks, stated in a post that the EU's Markets in Crypto-Assets Regulation (MiCA) will be implemented this summer and is an important milestone for the crypto industry. Although MiCA wisely excludes decentralized smart contracts and NFTs, there are issues with restrictions on the issuance and trading of stablecoins such as USDT, USDC, and BUSD. The current limit is 1 million transactions or 200 million euros, which is far from sufficient to support current activity levels. The total global market value of stablecoins is $162 billion, with 75% being USDT, USDC, and BUSD. These restrictions by the EU could cause significant disruptions to 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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