MiCA Regulation Criticized as Favoring Traditional Banks

12/29/2024 7:33:28 PM

According to Paolo Diomede, the Markets in Crypto-Assets (MiCA) regulation is seen as a substantial advantage for traditional banking institutions. The regulation mandates that stablecoin issuers must hold over 30% of their liquidity in banks, which is perceived as a move to ensure increased profits for these legacy financial players. This regulation is criticized for being designed to benefit the existing financial system rather than fostering innovation within the cryptocurrency sector. (Source)

stablecoin MiCA Paolo Diomede traditional banking

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