At Binance Blockchain Week in Paris, regulation was a hot topic, especially the proposed MiCA framework.

Binance CEO Changpeng Zhao, popularly known as “CZ”, stated his view that Europe's Markets in Crypto Assets (MiCA) regulatory framework has the capacity to become the global standard, even though it compliance appears to be demanding.

During a fireside chat at Binance Blockchain Week, he said that the proposed regulatory guidelines in MiCA were “fantastic”, and that they could become a model for regulators in other jurisdictions. He also expressed his optimism for Paris as a crypto center, calling the city a “financial hub”. To quote him:

“Paris probably already is the financial hub for crypto in Europe and also probably in the larger part of the world. I think the Ministers and regulators here in France have put tremendous inputs and contributions to the MiCA regulations that are coming up.

We are aware of some of those efforts that went on and those were definitely not easy, but that will make the job for the crypto entrepreneurs and crypto businesses much much easier. Instead of applying for 27 licenses, now you just have to apply for one.”

About Europe’s MiCA rules

The lawmakers at the European Commission (EC) were affirmative about adopting MiCA as a framework when proposed in June of this year. Importantly, the memo proposes regulation of stablecoins and registration requirements for crypto asset service providers.

Stablecoins that are backed by fiat currencies will now be subjected to the regulations of the European Banking Authority (EBA). Crypto asset service providers would need to register with the European Securities and Markets Authority (ESMA) as well as the EBA. As per the revised rules, licensure from the regulators will permit crypto exchanges to operate across the European Union (EU).

A final draft of the memo outlining regulations is expected before the end of September.