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The European Crypto Initiative Team: 'Big changes are coming to the crypto world in the EU, and it all starts with #MiCA'

Policy

European Crypto Initiative | https://eu.ci/team/

By Crypto Republique

Sep 6, 2024

The European Crypto Initiative (EUCI), a European blockchain advocacy group, stated that the Markets in Crypto-Assets (MiCA) regulations are poised to bring significant changes to the crypto world within the European Union. EUCI shared their statement on September 4 via a post on X.

"Big changes are coming to the crypto world in the EU, and it all starts with MiCA," said European Crypto Initiative Team.

According to a release by Elliptic, the EU’s new Markets in Crypto-Assets regulations took effect on June 30 for all stablecoin issuers. This development ushers in "a new era of regulatory oversight for innovators in the Crypto space." The new rule stipulates that "issuers must now obtain approval from relevant members of state authorities before offering their tokens within the EU, or when offering stablecoins pegged to the euro or other member state currency."

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The framework and legal clarity provided by the MiCA regulations have attracted the European Union’s largest banks to enter into the crypto industry, according to a report by Cointelegraph. Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad said, "European banks are moving into crypto as an asset class and tokenization technology because MiCA, the upcoming regulatory framework for Europe, is suddenly bringing full clarity for banks."

The European Crypto Initiative (EUCI) aims to shape EU regulation to favor open, permissionless, decentralized applications leveraging blockchain technology while advocating for an innovative EU environment. According to their website, "The EUCI team is composed of leaders from countries over Europe that make sure 'that at the national level, the voices of the crypto companies are being heard.' We bring years of experience in the blockchain space and are uniquely positioned to understand the complex technical component and the challenges it brings to the centrally designed regulation framework."

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