Binance CEO Changpeng Zhao has said that the European Union’s Market in Crypto Assets (MiCA) regulation is “a little bit strict” on stablecoins.
Stablecoins are cryptocurrencies pegged to the value of other assets like gold or the U.S. dollar.
The MiCA allows crypto companies to operate across the EU’s 27 member nations with a single license.
Zhao, at the Binance Blockchain Week in Paris, described MiCA as “fantastic” and said he expects it to be viewed as “the global standard” in crypto regulation.
Zhao also said he expects the industry in France to “explode” in the next five years, which will be helped by lower taxes and much easier employment laws.
Zhao said that Binance has hired 150 people for its operations in Paris with plans to hire “a couple of hundred more” by the end of the year.