The European Union is one of the noisiest regions in terms of cryptocurrency activities. However, up until recently, the European Union has had blurry laws regarding the crypto market. The European Union’s proposed Markets in Crypto Assets (MiCA) law has made Circle, a stablecoin issuer, bullish on growth in the region.
EU lawmakers finalized the legal text of the bill, earlier this month. The bill will enforce stricter rules on crypto companies. Despite the degree of strictness being taken up a notch, Circle is expected to have a clear pathway in the EU as they will be made aware of these laws an executive mentioned at the EU Summit on Tuesday.
Patrick Hansen, the EU policy head for Circle has mentioned that the law has allowed for a regulated pathway for stablecoins in the EU. As cryptocurrency is increasingly being used for day-to-day activity and expenses, the population in the European Union using the second largest currency in the world will begin to shift into these digital spaces.
Circle has been supplying USDC stablecoins for the past 4 years, and in June has launched the EUROC on Ethereum. The USD coin has been pegged to the fiat currency USD. The EURO coin has also been pegged to the Euro currency.
CEO of Circle, Jeremy Allaire has tweeted assuring that the EUROC is being regulated and is available for money transmission like the USDC. On Tuesday afternoon, EUROC has consistently had a market capitalization of $76 million since August.
The MiCA law is expected to be enforced from 2024 onwards if it is passed. MiCA law is aimed at regulating the currency, harmonizing the markets, and ensuring consumer’s benefits are protected. Hansen mentions that the bill is the right step towards the aim.
The crypto community is now patiently awaiting for the EU population to play a pivotal role in the adoption of crypto and other blockchains as a part of their daily lives.
