Binance CEO: EU crypto regulation bill will become “a global regulatory standard”

Changpeng Zhao made this statement at Binance Blockchain Week in Paris

14.09.2022 - 15:10

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What’s new? Changpeng Zhao, CEO of cryptocurrency exchange Binance, said that the European Union's Markets in Crypto-Assets Regulation (MiCA) will become a “global regulatory standard copied around the world.” Zhao said this at Binance Blockchain Week in Paris, as reported by development manager at Unstoppable Finance Patrick Hansen on Twitter.

.@cz_binance : „The EU MiCA regulation will become a global regulatory standard copied around the world.“ pic.twitter.com/ONfhe8Z0YL— Patrick Hansen (@paddi_hansen) September 14, 2022

What happened before? In June, Hansen reported that the European Parliament, European Commission, and EU Council would hold a final debate on the MiCA bill on June 30. It was later reported that the EU reached an agreement on extensive crypto regulation.

In July, Hansen broke down the European Central Bank's (ECB) report on financial risks for the region. He highlighted three areas of concern for the regulator: the climate risks posed by cryptocurrency mining, decentralized finance (DeFi), and stablecoins. ECB head Christine Lagarde said that a second regulation similar to the MiCA is needed to strengthen bitcoin and DeFi regulation.

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