Bybit Applauds USDC’s MiCA Approval: A Catalyst for the European Crypto Market

[PRESS RELEASE – Dubai, United Arab Emirates, July 16th, 2024]

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, supports the recent approval of USDC as the first stablecoin issuer under the European Union’s Markets in Crypto Assets (MiCA) framework. This landmark decision marks a significant step towards a more mature and institutionalized crypto market within the entire European Union.

MiCA’s most significant aspect lies in 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 businesses, allowing them to operate EU-wide.

“MiCA represents a significant step towards a more institutionalized European crypto market, fostering trust and transparency for investors,” said Eugene Cheung, Head of Institutions at Bybit. “This unified regulatory framework will pave the way for a more robust and thriving crypto ecosystem across the entire European Union.”

Growth and Collaboration Under Clear Guidelines

Bybit believes MiCA’s impact will be a positive catalyst for the entire crypto industry. Clear regulatory guidelines establish a foundation for long-term growth and create a more secure 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,” continued Cheung. “We are excited about the opportunities MiCA presents for the EU to become a global leader in the responsible development of the crypto industry.”

Bybit looks forward to collaborating with regulators and industry players to navigate this exciting new era for the EU’s crypto market. The exchange offers a secure platform for investors and is committed to playing a positive role in shaping a future where innovation thrives alongside responsible regulation.