Circle: Stablecoins not compliant with MiCA rules will disappear from the EU market

Patrick Hansen and Dante Disparte argue that crypto industry visionaries, who initially did not view European lawmakers' work on MiCA digital asset market reform as "populism and regulatory theater," have spent years preparing for the legislative change. MiCA represents, Circle representatives say, a unique opportunity to form Europe's own regulated crypto market. Even despite the law's prescribed restrictions and excessive regulatory protectionism. Organizations that fail to overcome the hurdles as quickly as possible will likely cease operations or lose significant market share in the EU.

"Stablecoin offerings, both local and global, will either comply with MiCA or disappear from the EU market in the short to medium term. Within a year, the EU crypto market is transforming into a market with zero tolerance for poorly regulated digital assets. This is evidenced by recent announcements from Binance, Bitstamp, Kraken, OKX and other exchanges. They are either delisting stablecoins or phasing out non-compliant tokens from circulation"

Circle's top executives expect European lawmakers' work on the digital asset market regulatory regime to continue in the relatively near future, with the new iteration of MiCA 2.0 affecting non-fungible token circulation (NFT) and decentralized finance (DeFi).

Translated with DeepL.com (free version)