A Catalyst for the European Crypto Market by Chainwire

Dubai, United Arab Emirates, July 16th, 2024

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has expressed its support for the recent approval of USDC as the first stablecoin issuer under the European Union’s Markets in Crypto Assets (MiCA) framework. This pivotal decision signifies a major advancement towards a more mature and institutionalized crypto market across the European Union.

A key feature of MiCA is its uniform implementation across all EU member states. This establishes a harmonized regulatory environment for cryptocurrencies, eliminating the necessity for separate approvals in each country. As a result, licensed crypto businesses can operate on a broader European scale with greater ease.

“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 throughout the European Union."

Growth and Collaboration Under Clear Guidelines

Bybit anticipates that MiCA’s introduction will serve as a positive catalyst for the entire cryptocurrency industry. The establishment of transparent regulatory guidelines lays a foundation for sustainable growth while enhancing security for both institutional and retail investors.

“Bybit is well-positioned to adapt to the evolving regulatory landscape and remains committed to the highest standards,” Cheung added. “We are excited about the opportunities MiCA presents for the EU to emerge as a global leader in the responsible development of the crypto industry.”

The exchange is eager to collaborate with regulators and industry stakeholders as they navigate this promising new chapter for the EU’s cryptocurrency market. Bybit is dedicated to offering a secure platform for investors and aims to play a constructive role in fostering a future where innovation flourishes in tandem with responsible regulation.

About Bybit

Bybit serves over 33 million users and is recognized as the world’s second-largest cryptocurrency exchange by trading volume. Since its establishment in 2018, Bybit has provided a professional trading platform featuring an ultra-fast matching engine, around-the-clock customer support, and multilingual community engagement. The exchange proudly partners with the reigning Constructors’ and Drivers’ champions of Formula One, the Oracle Red Bull Racing team.

For media inquiries, please contact:
Head of PR, Tony Au, at tony.au@bybit.com.

This article was originally published by Chainwire.