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Many countries, such as South Korea, Japan, the UK and the USA take steps to regulate the crypto industry officially. The experience of MiCA might be a good example for them to follow. The U.S regulatory landscape is ready for such a breakthrough. So what will be the influence of MiCA on the U.S crypto market?
Didar Bekbauov, Founder and CEO of Bitcoin group mining company Xive, shared his opinion on this topic:
"The European Union is moving forward with its long awaited Markets in Crypto Assets (MiCA) regulation as the members of the European Parliament endorsed the Bill last month. By implication, the massive support for the Bill has been pitched as an important push to maintain crypto market stability through thoughtful regulation.
The adoption of the law which also resulted in a similar adoption by the European Council and EU Commission last year has set a unique precedence that the US will be wise to follow. While many jurisdictions have refused to make definitive moves to regulate the crypto industry, the EU has acted as the bigger party and as such may attract more stakeholders into the region.
The digital currency ecosystem is not necessarily concerned about who regulates crypto first, the clamor is for there to be a conducive environment for the technology underpinning the asset class to thrive. With the United States still regarded as the hub for financial innovation, the expectation from the country’s regulators is massive. An eventual breakthrough in this regard will be a welcome development for industry stakeholders."
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