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The European Crypto Initiative (EUCI), a blockchain advocacy group, said that blockchain serves as a platform for digital services but requires clear guidance through effective crypto regulation. EUCI shared their statement in a September 17 post on X.
"NFTs find their place within the #blockchain and can be regularly used in the real world or the metaverse," said Crypto Initiative. "The #Metaverse, web 4.0 or the virtual world is a digital space that uses virtual reality, augmented reality, and other technologies to allow people to have lifelike interactions online, as well as a decentralised digital identity and economy. Blockchain serves as a platform for these services, providing benefits of monetary exchange, remote accessibility, and electronic delivery tailored to specific user requests. But these digital systems require clear guidance, which can come through effective #CryptoRegulation."
According to the European Crypto Initiative, they released a comprehensive overview of Markets in Crypto-Assets' (MiCA) significance and objectives, outlining its legal certainty, innovation and competitiveness, consumer and investor protection, and financial stability and market integrity. The overview said that MiCA regulation will become fully applicable across the European Union by December 2024, marking the first comprehensive regulatory framework for crypto-assets within the EU, focusing on stablecoins, market transparency, and consumer protection.
