June 14 (Cointime) - The European Union has implemented the Markets in Crypto-Assets (MiCA) regulations, which offer guidance for the cryptocurrency market and service providers. MiCA defines crypto assets and sets standards for crypto asset service providers and issuers. While it does not cover nonfungible tokens or central bank-issued digital assets, MiCA could make Europe a more dominant crypto hotspot. The MiCA regulatory framework has been published in the official journal of the EU, providing clear timelines for crypto businesses to comply with its requirements. While MiCA may influence other countries to adopt similar approaches, Hong Kong has the potential to become a larger crypto hub than Europe.