Xion, a layer-1 blockchain backed by Circle and Multicoin, will be the first mainnet platform to comply with European Union regulations.
The walletless blockchain, which focuses on bridging between Web2 and Web3, announced its milestones on March 13 in a press release shared with crypto.news. Following the news, utility tokens are used for network fees, governance, and certification security.
Xion was trading about $0.90 at the time of writing.
According to venture capital-backed L1, EU compliance is also seeing it become the first blockchain network to release the market with an encrypted whitepaper.
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Xion achieved this milestone a few months after launching the mainnet and performing a gaming initial token airdrop. The Chain Abstraction Mainnet was released on December 30th, 2024, in early December, just a few days before the EU MICA rules were fully in effect.
With this achievement, Xion is now the first layer 1 platform to align with Mica’s Title II regulatory framework, providing guidelines for managing crypto assets across the European Union. The XION team will leverage the clarity of regulations that MICA offers to broaden its local footprint by targeting institutional investors.
“Complying with the EU’s evolving regulatory environment will enable both institutions and users to access Xion compliantly and strengthen the foundation for wider adoption of Web3.”
Title II of the EU’s comprehensive market guidelines is aimed at digital asset publishers, providers and providers seeking to provide crypto-trading products to their customers in a 27-member block.
Xion uses this compliance milestone to accelerate Web3 access and helps remove the hurdles that prevent its technology stack from becoming more widespread adoption. Generalized abstractions, meta accounts, and signature abstractions are key features of Xion’s infrastructure layer.
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