- Xion was the first layer 1 blockchain provider to publish a mica-conformed white paper that is based on the EU regulations for crypto-assets.
- This ensures legal certainty and supports the broader introduction of Web3 in the EU.
In the effort to beat the bridge between Web2 and Web3, hat Xiona walllose blockchain, announced, to meet the EU regulations according to the regulatory framework for crypto-assets in the European Union. With the publication of the Mica (Market in Crypto Assets) WhitePapers, Xion is the first layer 1 blockchain in the Mainset, which does this in the EU.
Burnt Banksy, founder of Xion, is of the opinion that the publication of the Mica White Papers is the right direction for Xion because it wants to beat a bridge between Web2 and Web3. In a statement, Burn said:
“The publication of a Mica White Papder is an important step in a broader institutional strategy […] By complying with the developing regulatory landscape in the EU, it is ensured that institutions and users are given access to Xion in compliance and that the basis for a broader acceptance of Web3 is strengthened. “
Institutions in the EU now have unrestricted access to use the Xion ecosystem and technology in accordance with Mica. With the fulfillment of the EU MICA directive, Xion has proven its commitment to facilitate access for both institutions and private individuals who have chosen digital assets.
Mica regulation framework
Title II of Mica (Market in Crypto Asset) is a comprehensive set of rules that comes into force in the EU in December 2024. These regulations aim to create a uniform regulatory framework for crypto-assets throughout the EU and to create clear guidelines for issuers and facilities that want to offer or act digital assets.
Xion has positioned itself as an important player by joining the Mica to ensure that its ecosystem works transparently and within the limits of European law.
More on the topic: OKX receives mica license and extends cryptographic services to 28 EEA countries
About Xion
Xion is a walllos L1 blockchain that should make Web3 accessible to everyone. Xion revolutionizes Web3 by creating the first wallet-1 blockchain. With the mission to simplify the introduction of blockchain, Xion makes the need for wallets, private keys and gas fees superfluous and makes the technology accessible to users and developers.
His innovative solutions, including Generalized Abstraction and Meta accounts, help to accelerate the general acceptance of Web3.
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