Binance’s CZ: “Fantastic,” Strict Crypto Rules in Europe for Stablecoins

Changpeng Zhao, called CZ, the founder and CEO of Binance, gave a speech at the Binance Blockchain Week Paris 2022. In his speech, CZ praised the “excellent” MiCA (Market in Crypto Assets) planned crypto regulations for Europe. The restrictions were a touch too stringent, according to the founder of the biggest cryptocurrency exchange in the world, for stablecoins.

The drafts do not adopt “USD-based stablecoins, which have 75% of the market’s liquidity,” according to CZ. Nevertheless, CZ anticipates that the European regulations will be regarded as the industry norm.

The CEO of Binance even described Paris as “the financial centre for crypto in Europe and the greater part of the world.” Within the following five years, CZ anticipates a boom in the French cryptocurrency market. He did, however, mention that lowered taxes and more lenient employment restrictions could encourage the expansion. The labor market in France has historically been very regulated, making it more expensive for employers to hire and fire employees.

Is Binance content with MiCA?

EU lawmakers approved the main political tenets of MiCA in June. With just one license, bitcoin businesses would be able to operate throughout the union’s 27 member states. However, others in the industry are concerned that a regulatory prohibition on stablecoins’ broad use as a means of payment may constrain the market, particularly for assets not valued in euros.

Binance’s registration as a Digital Asset Service Provider was approved by France’s capital market regulator, the AMF (Autorité des marchés financiers), in May. (DASP). Binance was granted the permission to hold onto digital assets, facilitate their purchase, sale, and exchange, and operate a trading platform for those assets as a result of the registration.

Additionally, Binance hopes to bring on a few hundred more employees before the year is up. 150 employees have already been hired by the exchange for its Paris operations.

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