XION achieves MiCA milestone as first regulated layer 1 blockchain

Xion, a layer 1 blockchain supported by Circle and Multicoin, becomes the first Mainnet platform to comply with the regulations of the European Union.

The blockchain without wallet, focused on web2 and web3 transition, the milestone announced in a press release shared with Crypto.News on March 13. Following the news, the utility token – used for network costs, governance and security of proof – increased by more than 10%.

Xion was negotiated about $ 0.90 at the time of the editorial staff.

According to the L1 supported by venture capital, EU compliance also sees it becomes the first blockchain network to publish a crypto-active markets white paper.

Xion reached this milestone a few months after launching its main network and making an initial gamified initial token card. The Mainnet abstraction channel was enhanced at the beginning of December, only a few days before the EU mica rules took full effect on December 30, 2024.

With this achievement, Xion is now the first layer 1 platform to align with the regulatory framework of Title II of Mica, which provides guidelines to govern crypto-active across the European Union. The Xion team plans to take advantage of the regulatory clarity that Mica proposes to extend its footprint in the region by targeting institutional investors.

“By joining the EU’s evolutionary regulatory landscape, it guarantees that institutions and users can both access Xion in accordance, strengthening the bases of a wider adoption of web3,” said Burnt Banksy, founder of Xion, in a press release.

Title II of the Complete EU market directives targets digital asset issuers, offerings and suppliers who seek to bring their Crypto trading products to 27 -members’ block customers.

Xion will use this important step to speed up web access, its technological battery helping to remove obstacles that hinder wider adoption. Generalized abstraction, meta-accounts and signature abstraction are key characteristics of the Xion infrastructure layer.