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MiCA legislation good news for crypto players — Binance Europe VP

According to Martin Bruncko, Binance’s executive vice president of Europe, smaller cryptocurrency exchanges and startups can benefit from the European Union’s regulation of markets in crypto-assets (MiCA).

Cointelegraph conducted a one-on-one interview with Martin Bruncko during the Web Summit conference in Lisbon in early November 2022. Heading Binance’s operations across Europe, Bruncko offered unique insights into the exchange’s growth over the entire continent and its perspective on the regulatory environment.

The European Parliament Committee passed the MiCA crypto policy on October 10, which aims to create a one-size-fits-all regulatory framework for the industry across the 27 countries that make up the European Union.

Bruncko told Cointelegraph that the European crypto landscape is currently fragmented, with all 27 countries in Europe having different regulatory regimes ranging from “fairly restrictive to non-existent.” This has led to time-consuming and financially demanding requirements for exchanges to ensure they are fully compliant in different jurisdictions:

“That’s exactly the issue at the moment and that’s why we’re actually, I would almost say, excited about MiCA because it creates a single market.”

Bruncko emphasized that the current landscape hinders smaller players looking to scale across the continent, given the costs of ensuring compliance across borders:

“In principle, this is good news for every crypto player in Europe, because now you can only operate within one single market. It just makes it so much easier to grow your business, to scale your business with much less cost.”

Bruncko also believes that early-stage crypto companies will also benefit from the legislation by being able to focus on growth rather than legal and compliance considerations.

Related: MiCA Account Contains Clear Warning for Crypto Influencers

Europe remains a focal point for Binance, which considers the continent to be one of the largest and most advanced crypto economies in the world. Given that financial innovation and leading fintechs are centered in Europe, Bruncko emphasized that the greater region will continue to be an important operational space for the exchange:

“Many big crypto projects were started from Europe. If you take Ethereum, it effectively started in London, Switzerland and a bunch of other places. Since then we have had a large number of different successful, influential projects from Europe.”

Bruncko said that over the past year, Binance has been pushing to ensure regulatory compliance across Europe. The exchange is regulated in five European countries, including two G7 members.

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