XION, a layer 1 blockchain supported by Circle and Multicoin, has distinguished itself as the first mainnet platform to meet European Union regulations.
At the time of writing, XION was trading at approximately $0.90.
The venture capital-backed layer 1 blockchain stated that achieving EU compliance also positions it as the first blockchain network to publish a Markets in Crypto-Assets whitepaper.
This milestone came just a few months after the launch of its mainnet and a gamified token airdrop. The mainnet commenced operations in early December, just before the EU’s MiCA regulations officially took effect on December 30, 2024.
With this advancement, XION now stands as the first layer 1 platform to conform to MiCA’s Title II regulatory framework, which lays out standards for the governance of crypto-assets throughout the European Union. The XION team intends to utilize the regulatory clarity afforded by MiCA to increase its presence in the region, particularly among institutional investors.
“By aligning with the EU’s evolving regulatory landscape, we enable institutions and users to access XION in a compliant way, helping to build a stronger foundation for the wider adoption of Web3,” stated Burnt Banksy, founder of XION.
Title II of the EU’s comprehensive market regulations focuses on digital asset issuers, offerors, and providers aiming to deliver their crypto trading products across the 27-member bloc.
XION plans to leverage this compliance milestone to enhance Web3 access, with its technological framework designed to eliminate barriers that inhibit broader adoption. Key features of XION’s infrastructure layer include generalized abstraction, meta accounts, and signature abstraction.