The impact of the MiCA Act on the crypto market covers the following key aspects:

1. Simplify the authorization process: Crypto asset service providers (CASPs) that already hold national licenses will find it easier to obtain MiCA authorization, making it easier to provide services across the EU.

2. Unified market: MiCA introduces a unified regulatory framework aimed at enhancing the competitiveness and transparency of the EU market.

3. Restrict offshore companies: Unregulated companies will find it difficult to attract EU customers, which will prompt companies to adopt a more compliant operating model.

4. Promote institutional participation: MiCA is expected to promote institutional investors to participate more actively in the crypto market, and major banks are expected to launch related crypto asset services.

5. Stablecoin issuance: Stablecoin issuers (such as Tether) will face stricter compliance challenges and need to enhance transparency and audit frequency.

6. Impact of DeFi: Although MiCA does not directly regulate fully decentralized DeFi projects, it has put forward specific regulatory requirements for certain centralized DeFi projects.

7. Compliance costs: High compliance costs may cause some companies to choose to leave the EU market, which may have an impact on innovation and market participation.

8. Global Standards: MiCA is expected to become the standard for global crypto market regulation, but its success will depend on its specific implementation and execution in the future.

Overall, the MiCA Act aims to improve market transparency and stability by regulating and supervising the crypto market, while encouraging compliance operations and promoting market competitiveness within and outside the EU.

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