Binance CEO Changpeng Zhao Leads Praise for EU's New Crypto Regulation, MiCA
The European Union Parliament has passed into law its MiCA act, and big-time industry player and CEO of Binance Changpeng Zhao is raising support following the new crypto regulations.
The European Union Parliament has passed a bill into law to combat its long-standing battle against the crypto market.
For a long time, the crypto industry has gone without regulations and has been a concern for several regulatory bodies.
In a bid to curb this menace, several regulatory bodies across the EU, the UK, and the US have since continued to clamp down on crypto exchanges and services.
The MiCA regulations should come as a welcome development to many, especially investors, as the law would ensure crypto exchanges are made liable for losses accrued on their platforms.
Crypto industry Bigwig Changpeng Zhao of Binance exchange fame took to Twitter to acknowledge the new crypto regulation.
According to CZ, as he is fondly called, this new bill from the European bloc creates tailored regulations that would better protect investors instead of outrightly witch-hunting facilitators in the burgeoning industry.
"The fine details will matter, but overall, we think this is a pragmatic solution to the challenges we collectively face. There are now clear rules of the game for crypto exchanges to operate in the EU," he added.
The industry leader expressed willingness to make several changes to the Binance exchange's operational framework over the next 12-18 months to comply with these newly released laws fully.
The EU lawmakers voted on Thursday to pass a new law for Transfer of Funds regulations, with 529 in favor, 29 opposed, and 14 abstentions.
There was also a vote to pass the Markets in Crypto Assets (MiCA) law, which received 517 votes in favor,
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