Regulation

Bybit Applauds EU MiCA Approval for USDC Stablecoin

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Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has supported the European Union’s groundbreaking decision to approve USDC as the first stablecoin under the Markets in Crypto Assets (MiCA) framework. The cryptocurrency giant expects this move to help the community take a step towards a more mature and institutionalized cryptocurrency market across the European Union.

The most significant aspect of MiCA is its uniform implementation across all EU member states. This creates a harmonized crypto regulatory environment, eliminating the need for separate approvals for each country. This simplifies operations for licensed crypto companies, allowing them to operate across the EU.

Eugene Cheung, Head of Institutional Affairs at Bybit, emphasized that MiCA will foster trust and transparency for investors, paving the way for a robust and thriving crypto ecosystem in the EU.

According to BybitMiCA will have a positive impact on the cryptocurrency market by establishing clear regulatory standards that will promote long-term growth and make investments safer for all stakeholders.

Cheung stressed that Bybit is well-prepared to adapt to new regulations and maintain high standards. He expressed enthusiasm for the opportunities that MiCA offers the EU to become a global leader in responsible development of the cryptocurrency industry.

Growth and collaboration according to clear guidelines

Bybit believes that the impact of MiCA will be a positive catalyst for the entire cryptocurrency industry. Clear regulatory guidelines establish a basis for long-term growth and create a safer environment for investors, both institutional and retail.

“Bybit is well positioned to adapt to the evolving regulatory landscape and remains committed to the highest standards,” Cheung continued. “We are excited about the opportunities that MiCA presents to the EU to become a global leader in responsible development of the cryptocurrency industry.”

Bybit is excited to partner with industry leaders and regulators in this new phase of the EU cryptocurrency industry. The exchange is committed to fostering innovation while ensuring responsible regulation and providing investors with a secure platform.

This regulatory milestone is in line with The result of the circle to have its USDC and EURC stablecoins become the first to comply with the MiCA, granted by the French banking regulator. This positions Circle at the forefront of the European stablecoin market and underscores the importance of regulatory clarity for the digital asset industry.

Read also: Hamster Kombat HMSTR Now Ready for Pre-Market Trading on Bybit

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