Stablecoins are cryptocurrencies tied to the value of other assets like gold or the U.S. dollar. According to Changpeng Zhao (CZ), founder and CEO of Binance, the European Union’s (EU) landmark Market in Crypto Assets (MiCA) law is “a little bit severe” on these cryptocurrencies. And we're live! Tune-in through #Binance Live now👇 — Binance (@binance) September 14, 2022 Binance Blockchain Week in Paris The draughts do not include USD-based stablecoins, which account for 75% of the market’s liquidity, Zhao stated on Wednesday at Binance Blockchain Week in Paris. The central political tenets of MiCA were approved by EU lawmakers in June, enabling cryptocurrency businesses to operate throughout the 27 member states of the union with a single license. Some in the sector are worried that a legal restriction on stablecoins’ widespread use as payment methods may limit the market, especially for assets not valued in euros. Despite this, CZ called MiCA “fantastic” and predicted it would become the “global standard” for crypto regulation that other countries would imitate. CZ also said Paris is “probably the financial hub for crypto in Europe and the larger part of the world” and expects the industry in France to “explode” in the next five years, fueled by lower taxes and much easier employment laws. EU’s Proposed Crypto Rules Historically, France’s labor market has tighter controls than the U.K., U.S., and even many EU nations, making ...
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