Bybit, the second-biggest crypto exchange globally in terms of trading volume, has backed the European Union’s groundbreaking decision to approve USDC as the first stablecoin under the Markets in Crypto Assets (MiCA) framework. The crypto giant expects this decision to help the community move a step towards a more mature and institutionalized crypto market within the entire European Union.
MiCA’s most significant aspect lies in its uniform implementation across all EU member states. This creates a harmonized crypto regulatory environment, eliminating the need for separate approvals for each country. This simplifies operations for licensed crypto businesses, allowing them to operate EU-wide.
Eugene Cheung, Head of Institutional at Bybit, emphasized that MiCA will foster trust and transparency for investors, paving the way for a robust and thriving crypto ecosystem in the EU.
According to Bybit, MiCA will have a good effect on the cryptocurrency market by establishing clear regulatory norms that will promote long-term growth and make investing safer for all parties.
Cheung highlighted that Bybit is well-prepared to adapt to new regulations and maintain high standards. He expressed excitement about the opportunities MiCA offers for the EU to become a global leader in responsible crypto industry development.
Growth and Collaboration Under Clear Guidelines
Bybit believes MiCA’s impact will be a positive catalyst for the entire crypto industry. Clear regulatory guidelines establish a foundation for long-term growth and create a more secure environment for investors, both institutional and retail.
“Bybit is well-positioned to adapt to the evolving regulatory landscape and remains committed to the highest standards,” continued Cheung. “We are excited about the opportunities MiCA presents for the EU to become a global leader in the responsible development of the crypto industry.”
Bybit is excited to collaborate with industry leaders and regulators in this new phase of the EU cryptocurrency sector. The exchange is dedicated to promoting innovation while guaranteeing responsible regulation and providing investors with a safe platform.
This regulatory milestone aligns with Circle’s achievement of having its USDC and EURC stablecoins become the first to comply with MiCA, granted by the French banking authority. This positions Circle at the forefront of the European stablecoin market and highlights the significance of regulatory clarity for the digital asset industry.
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