Circle executive: Expect growth and competition in euro-denominated stablecoins to intensify

Patrick Hansen, Circle's senior director of EU strategy and policy, and Dante Disparte, Circle's chief strategy officer, wrote a report on European stablecoin regulation. The key points include: 1. With the application of MiCA this year, the EU cryptocurrency market is expected to usher in a year of change; 2. The EU market is expected to be localized, institutionalized, professionalized and possibly integrated; 3. From the recent announcements of exchanges, it can be seen that local and global stablecoin products must either comply with regulations or eventually disappear from the EU market in the short to medium term; 4. Growth and competition in euro-denominated stablecoins are expected to intensify; 5. Foreign, unregulated exchanges will face significant restrictions, making it extremely difficult or even impossible to operate in a reverse solicitation manner, and a considerable part of the implementation of MiCA is still waiting to be completed; 6. As two major jurisdictions, the longer the regulatory vacuum on cryptocurrencies in the United States and the United Kingdom continues, the greater the impact of the MiCA standard on the world may be.