Binance announced on May 12 on Twitter that it will withdraw from the Canadian market. The exchange bases its decision on the country’s cryptocurrency regulations. However, all regulators should follow the example of the EU when it comes to cryptocurrency regulation, according to Richard Teng, Binance’s regional head of Asia, Europe and MENA.
Circle and Binance executives point to EU’s MiCA bill
The MiCA (Markets in Crypto-Assets) bill is a regulatory framework that was approved earlier this year and will likely become law in July of this year. The legislation aims to provide new regulations for individuals or institutions that trade cryptocurrencies. MiCA is currently considered the biggest step towards cryptocurrency regulation in the world.
As Kriptokoin.com, we have discussed in detail what the MiCA bill will bring to the market in this article. The law, which was approved in the past months, received support from many executives and experts on Twitter. Some hope that other countries can comply with this moderate law of the EU. Binance CEO had stated from the first day that they would operate in compliance with the regulations at CZ.
The European Parliament voted for MiCA to be implemented.
This means one of the world’s largest markets is introducing tailored regulations for crypto to protect users and support innovation.
The fine details will matter, but overall we think this is a pragmatic solution to…
— CZ 🔶 BNB (@cz_binance) April 20, 2023
MiCA raises VC funding for EU-based crypto startups
Patrick Hansen, EU Policy Director at Circle, the company behind USD Coin (USDC), says VC investment in European crypto projects has increased “almost 10x in a year.” The Circle executive noted that this could be attributed to new laws in the EU, specifically MiCA.
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