During this year’s Paris Blockchain Week, industry regulators and experts shared their views on the proposed MiCA rules by the European Union. At a panel discussion named “MiCA: How has the EU been Regulating Cryptocurrency?”, these experts highlighted the potential implications and impacts of the MiCA regulation.
These proposed regulatory guidelines for digital assets and cryptocurrencies span 400 pages and should be implemented by 2024. Hence, it is no wonder the guideline is a hot topic across Europe.
Gundars Ostrovskis, a European Commission’s Digital Finance Unit team leader involved in developing MiCA documentation, shared some insights. He emphasized that the legislation aims at providing regulatory certainty, which is crucial for the strategic planning of businesses.
Additionally, Ostrovskis believes that MiCA regulations will benefit both users and companies in the crypto space by safeguarding customers and ensuring the market’s integrity. MiCA, under development for a few years, involved discussions with different countries and several industry players.
Gundars Ostrovskis stated that implementing MiCA would necessitate modifications in countries where bureaucratic frameworks for the crypto industry are already in place.
Also read:Various Factors Will determine MiCA’s Success – Chainalysis EU policy Expert
According to Janet Ho, the head of Chainalysis EU policy, MiCA’s success will be determined by various factors. The first factor would be a proper understanding of the regulation’s requirements, strong feedback, and adjustments to specific sections of this documentation.
Ho emphasized that legislation is a dynamic process, and there is never a perfect side to regulation. She suggested that the European Commission examine the policy implementation and seek feedback from industry participants and government supervisors.
In addition, Hubert de Vauplane, an adviser to French and European lawmakers on economics, fintech, and digital payments, provided insights into MiCA’s impact on existing Web3 and cryptocurrency regulations in certain European Union countries. De Vauplane expressed concern about the disappearance of local regulations in nations like France if MiCA is implemented.
De Vauplane also stated that newer industry trends, such as NFTs, decentralized finance (DeFi) products, and the platforms yet to be included in MiCA’s documentation, could still be subject to country-specific laws. The European Union’s final vote on the MiCA regulation should hold in April 2023.
The expected legislation final decision was earlier scheduled for January this year but was postponed due to technical issues. One of the technical issues had to do with translating the document into 24 languages of the EU.
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