MiCA, the EU’s landmark cryptocurrency law, was published in the official gazette on June 9. Thus, the countdown has begun for December 30 and June 30, 2024, when new provisions will come into effect. Binance CEO CZ said they would welcome it, while Btc. x CEO Christian Anders points out a few points where the law may be insufficient.
btc. x CEO points out problems caused by EU’s new crypto law
Speaking to Cointelegraph, Christian Anders stated that the crypto framework outlined in the MiCA may require some “pushing” before it is accepted in most European countries such as Sweden. He said the new law provides a framework for the crypto industry to work together and is expected to bring clarity.
Anders acknowledges that governments like Sweden are reluctant to issue new licenses for crypto companies. However, he states that crypto exchanges are eagerly awaiting the full implementation of the MiCA framework. He stresses that while these governments cannot stop the framework, they can delay its progress.
Anders also spoke of the possibility that governments view the MiCA framework as inadequate. The CEO says this could lead to a two-sided power dynamic.
“Crypto.com could be the next target”
When asked what crypto exchange or theory the US regulator SEC would consider next, Anders said he thinks Crypto.com could be the next potential target while operating in the US. He went on to say that he has a more Swedish perspective and may be related to the SEC’s recent crackdown on Binance and Coinbase.
Anders said the SEC shares a similar approach with the government in Sweden because regulatory challenges in Sweden occur on a smaller scale compared to the US. Crypto.com announced today that it will terminate its institutional exchange service for US customers on June 21, 2023.
Anders remains optimistic about Bitcoin
btc. The x CEO remains optimistic about Bitcoin, rejecting any negative thoughts. He believes that efforts by banks and governments to curb the growth of cryptocurrency only fuel his enthusiasm. He claims that Bitcoin’s superiority is revealed when compared to the flaws of the fiat system and the stress caused by inflation.
The CEO highlighted the rise of the mining industry as companies like Intel enter and manufacture mining machines. He pointed out that Bitcoin mining is gaining traction in Europe, especially with the increasing use of renewable energy. He also emphasized that the closeness of the younger generation to these technologies reinforces their role in shaping the future.
The latest situation in the cryptocurrency market
According to data from CMC, the price movements of the largest altcoins over the last 24 hours are as follows:
- Bitcoin (BTC): -3.28%
- Ethereum (ETH): -5.77%
- Binance Coin (BNB): -10.03%
- XRP (XRP): -8.02%
- Cardano (ADA): -18.89%
- Dogecoin (DOGE): -12.74%
- TRON (TRX): -12.75%
- Solana (LEFT): -20.92%
- Litecoin (LTC): -14.82%
- Polkadot (DOT): -12.40%
- Polygon (MATIC): -25.83%
- Binance USD (BUSD): -0.00%
- Avalanche (AVAX): -19.84%
- Shiba Inu (SHIB): -17.76%
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