Well, slap me with a 🐟 and call me dinner! XION, the layer 1 blockchain with backing from Circle and Multicoin, has done the unthinkable. It’s become the first mainnet platform to cozy up to European Union regulations. 🇪🇺✨
In a move that’d make even Steinbeck chuckle, the walletless blockchain, on a mission to bridge the gap between web2 and web3, announced this monumental feat in a press release that landed in our laps on March 13. And guess what? The utility token, used for network fees, governance, and proof-of-stake security, leaped more than 10%. 🚀💰
At the time of writing, XION was trading around $0.90. Not bad for a day’s work, eh?
But wait, there’s more! According to the venture capital-backed L1, EU compliance means they’re also the first blockchain network to release a Markets in Crypto-Assets whitepaper. Who needs a 🎉 when you’ve got that kind of bragging rights?
It only took a few months after launching its mainnet and conducting a gamified initial token airdrop for XION to hit this milestone. The chain abstraction mainnet went live in early December, just days before the EU’s MiCA rules took full effect on December 30, 2024. Timing is everything, folks!
With this feather in their cap, XION is now the first layer 1 platform to align with MiCA’s Title II regulatory framework, providing guidelines for governing crypto-assets across the European Union. The XION team, with their sights set on world domination, plans to use this regulatory clarity to expand its footprint in the region, targeting those deep-pocketed institutional investors. 💰📈
“By adhering to the EU’s evolving regulatory landscape, it ensures that institutions and users can both gain access to XION in a compliant manner, strengthening the foundation for broader adoption of Web3,” says Burnt Banksy, founder at XION, in a statement that makes you wonder if he’s related to the famous street artist.
Title II of the EU’s comprehensive market guidelines has its sights set on digital asset issuers, offerors, and providers looking to bring their crypto trading products to customers in the 27-member bloc. 🌍🤝💰
XION plans to use this compliance milestone as a springboard to accelerate Web3 access, with its technology stack designed to smooth out the rough edges hindering broader adoption. Generalized abstraction, meta accounts, and signature abstraction are just a few of the key features of XION’s infrastructure layer. 🛠️🚀
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2025-03-13 18:01