The Crypto MiCA Legislation Comes Into Effect This Coming Summer!
The MiCA legislation will come into effect this coming summer! Many people have no idea what this legislation entails, but it will completely frame crypto within the lines of the law. The so-called "freedom" that crypto currently has will then be absolutely prohibited.
Bitcoin and the New Regulations Will Change It Whitepaper
Bitcoin will have to completely change its whitepaper if it wants to remain on central Exchanges and be allowed to be traded. Because every cryptocurrency must have a whitepaper in the entire EU from this coming summer, if they do not have this, the developers can receive large fines and prison sentences. The problem is that the current bitcoin whitepaper does not comply with the new MiCA legislation. So, it's either be removed from every Exchange in the EU or adjust the white paper.
Impact on Exchanges Worldwide
And do not think “but my Exchange is based in the Seychelles so this does not affect me,” with the MiCA legislation, every Exchange that is based in Europe and outside Europe is tackled. Non-European Exchanges may not be active in the EU at all if they do not comply with the MiCA legislation.
The Dilemma of Bitcoin
If we know the core devs of Bitcoin nowadays (these are the traitors of the first crypto thought), they would thus hand over bitcoin to the banksters and politicians in exchange for the survival of bitcoin. The problem with bitcoin is also that it is no longer viable if it is not traded on a central Exchange; this is still the only right to exist for Bitcoin. Bitcoin is namely slow in on-chain transactions, very expensive, and the worst of all, completely public. So, if it does not comply with MiCA, you can do absolutely nothing with it soon.
Future Predictions and Expectations
We will almost certainly receive a proposal soon for an adjustment of the bitcoin whitepaper. And if this happens, bitcoin in price may be saved, but bitcoin tech will then be completely gone. This coming summer will be a very interesting time, as bitcoin has never experienced this before.