Circle: Non-compliant stablecoins will disappear from the EU market in the short to medium term

ChainCatcher news, Circle's official statement says, "Ultimately, a coordinated approach between the U.S., the EU, and other major jurisdictions will be crucial, paving the way for future regulatory recognition and ensuring that the emerging internet financial system is built on rules."

Additionally, according to an article on the Bretton Woods Committee blog, stablecoins that do not comply with the MiCA regulations will "disappear" from the EU market in the medium to short term. Circle previously became the first global stablecoin issuer to obtain a license in the EU.

Circle's EU Strategy and Policy Director Patrick Hansen and Chief Strategy Officer Dante Disparte stated that with the MiCA provisions coming into effect, there is reason to expect transformative changes in the coming year. In short, MiCA for crypto assets is akin to GDPR for privacy data.