The impact of the MiCA Act on the crypto market covers the following key points:
Simplified authorization procedures: Crypto asset service providers (CASPs) that already hold national licenses will find it easier to obtain MiCA authorization and facilitate cross-regional services.
Unified market: MiCA introduces a unified regulatory framework to enhance the competitiveness of the EU market.
Restrict offshore companies: Unregulated companies will find it difficult to attract EU customers, which is beneficial to compliant companies.
Promote institutional participation: MiCA is expected to promote institutional participation in the crypto market, and major banks may launch related services.
Stablecoin issuance: Stablecoin issuers (such as Tether) face major compliance challenges and need to increase transparency and audit frequency.
Impact of DeFi: Although MiCA does not directly regulate fully decentralized DeFi projects, it has regulations and requirements for some centralized DeFi projects.
Compliance costs: High compliance costs may cause some companies to leave the EU and affect innovation.
Global standards: MiCA is expected to become a global crypto regulatory standard, but its success will depend on future implementation and enforcement.
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