Patrick Hansen, senior head of strategy and policy at Circle European Union, and Dante Disparte, chief strategy officer at Circle, wrote the report that the European Union cryptocurrency market is expected to usher in a year of change with the implementation of MiCA this year. The European Union market is expected to be localized, institutionalized, specialized and possibly consolidated. As can be seen from recent announcements from exchanges, local and global stablecoin offerings will either comply with regulations or eventually disappear from the European Union market in the short to medium term, and the growth and competition of euro-denominated stablecoins is expected to intensify. Foreign, unregulated exchanges will face significant restrictions that make it extremely difficult, if not impossible, to operate in a reverse solicitation manner, and much of MiCA's implementation remains to be completed. The longer the regulatory vacuum on cryptocurrencies in the US and UK, the two main jurisdictions, lasts, the greater the impact the MiCA standard is likely to have on the world.