Binance’s Zhao Chengpeng Says EU’s Proposed Crypto Rules Fantastic And A Little Bit Strict

Twitter icon  •  Published 1 год назад  •  Nikolas Sargeant

Binance’s Zhao Chengpeng stated at the Binance Blockchain Week in Paris that the new European Union crypto rules are fantastic but strict

Binance’s CEO, Zhao Chengpeng (CZ), stated at the Binance Blockchain Week in Paris that the new European Union crypto rules are fantastic but strict, commenting that he believes the French capital is probably the “financial hub for crypto” in Europe. 

CZ is the founder and CEO of the largest cryptocurrency exchange by 24-hour trading volume, Binance, and believes the European Union’s milestone Market in Crypto ASsets (MiCA) regulation is “a little bit strict” on stablecoins. 

What Did Chengpeng Say?

The statements were made in response to the ongoing cryptocurrency regulation by EU lawmakers. In June, EU lawmakers agreed to the main political points proposed by MiCA, allowing crypto firms to operate across the 27 member nations with a single license. 

On Wednesday, CZ said at the Paris Blockchain Week, "The drafts are not adopting USD-based stablecoins, which have 75% of the liquidity in the market." This leaves industry experts concerned about the legislative cap on stablecoins, which could constrain the market, particularly for assets not priced in euros. 

Zhao also described MiCA as “fantastic,” expecting the rules drawn up to be seen as “the global standard” in cryptocurrency regulation for other regulatory bodies to follow. He said that Paris is "probably ... the financial hub for crypto in Europe and the larger part of the world," expecting the French crypto industry to “explode” in the next five years. 

France To Emerge As Crypto Hub

Historically, France has always had a strict regulatory standard for its labor when compared with countries like the United Kingdom and the United States; France is a country that protects itsco labor by making it more expensive for companies to fire and hire. President Emmanuel Macron has been active in trying to ease those costs.

Zhao announced that Binance has hired 150 people for its operations in Paris, with plans to hire “a couple hundred more” by the end of the year.

As part of the crypto firms' global expansion, Binance won the rights to operate as a digital asset service provider with France’s capital market regulator back in May this year. The registration with the authorities means Binance can hold digital assets as a custodian, facilitate the purchase, sale, and exchange of such assets and operate a trading platform for them. 

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.