According to ChainCatcher, a report written by Patrick Hansen, Circle's senior head of EU strategy and policy, and Dante Disparte, Circle's chief strategy officer, pointed out that with the application of MiCA this year, the EU cryptocurrency market is expected to usher in a year of change. The EU market is expected to be localized, institutionalized, professionalized and possibly integrated. Local and global stablecoin products will either comply with regulations or eventually disappear from the EU market in the short to medium term. Growth and competition in euro-denominated stablecoins are expected to intensify. Foreign, unregulated exchanges will face significant restrictions, making it extremely difficult or even impossible to operate in a reverse solicitation manner. There is still a considerable part of the implementation of MiCA to be completed. As two major jurisdictions, the longer the regulatory vacuum on cryptocurrencies in the United States and the United Kingdom continues, the greater the impact of the MiCA standard on the world may be.