Circle: Stablecoins Not Complying with MiCA Will Disappear
As the EU’s MiCA regulation comes into effect, Circle’s EU Strategy and Policy Director Patrick Hansen and Chief Strategy Officer Dante Disparte anticipate a profound impact on the European crypto market.
They predict that the implementation of MiCA, with key dates set for June 30 for stablecoins and December 30 for crypto asset service providers, will have a significant transformative effect, similar to the way GDPR impacted privacy regulations.
According to Hansen and Disparte, this has already been seen with announcements from major exchanges such as Binance, Bitstamp, Kraken, and OKX, which have either delisted or discontinued non-compliant tokens in the EU market.
They predict that this trend will continue as the EU takes a zero-tolerance approach to loosely regulated “internet funny money.”
Furthermore, they anticipate that the EU market will localize, professionalize, and likely consolidate as more institutions enter the space, as evidenced by Robinhood’s recent proposed acquisition of Bitstamp for $200 million.
