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According to Decrypt, recent progress on the European Union’s proposed Markets in Crypto Assets (MiCA) law has made stablecoin issuer Circle bullish on growth in the European Union. As of Tuesday afternoon, EUROC has a market capitalization of $76 million and has remained steady since the middle of August. With the text of the law set, MiCA is headed for one final vote in the European Parliament in the coming weeks. The law is expected to go into effect in 2024 if it passes. “There is now a regulated path for stablecoins in Europe,” said Patrick Hansen, Circle’s EU policy head. “The euro is the second largest world currency and remittance asset as we move from speculation to utility, the incentives grow to use euro stablecoins.” “The three aims of MiCA were setting regulatory standards, harmonizing the market and protecting consumers,” Hansen said. “The outcome of the legislative process is a great step in that direction.” One area where the EU could still use some help in creating a regulatory framework for crypto is decentralized finance, or DeFi. In fact, the text of the MiCA framework gives the commission 18 months to develop specific guidelines for DeFi. “We need to think more imaginative about how DeFi can be captured in legal concepts, if it is necessary,” European Commissioner Peter Kerstens said at the Brussels event on Tuesday.

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【Circle bullish on EU growth, regulators turn attention to developing DeFi rules】According to Decrypt, recent progress on the European Union’s proposed Markets in Crypto Assets (MiCA) law has made stablecoin issuer Circle bullish on growth in the European Union. As of Tuesday afternoon, EUROC has a market capitalization of $76 million and has remained steady since the middle of August. With the text of the law set, MiCA is headed for one final vote in the European Parliament in the coming weeks. The law is expected to go into effect in 2024 if it passes. “There is now a regulated path for stablecoins in Europe,” said Patrick Hansen, Circle’s EU policy head. “The euro is the second largest world currency and remittance asset as we move from speculation to utility, the incentives grow to use euro stablecoins.” “The three aims of MiCA were setting regulatory standards, harmonizing the market and protecting consumers,” Hansen said. “The outcome of the legislative process is a great step in that direction.” One area where the EU could still use some help in creating a regulatory framework for crypto is decentralized finance, or DeFi. In fact, the text of the MiCA framework gives the commission 18 months to develop specific guidelines for DeFi. “We need to think more imaginative about how DeFi can be captured in legal concepts, if it is necessary,” European Commissioner Peter Kerstens said at the Brussels event on Tuesday.

Circle bullish on EU growth, regulators turn attention to developing DeFi rules

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