All that’s easier said than done. Just to apply for a license you already need to be an EU-based legal entity, such as a company or formal partnership – which already rules out many decentralized governance models. (Witness Binance, which for a long time declined to say where its headquarters is located, or even that it had one). In return for jumping through those hoops, crypto companies can serve the entire bloc, which numbers some 450 million people. Perhaps more importantly, even if imperfect, the rules should be clear, mitigating the risk of capricious or unpredictable enforcement seen in the U.S. and elsewhere. Broadly, the industry has welcomed the new law, despite concerns that a cap on the use of dollar stablecoins could inhibit trading.