A panel of experts and industry regulators discussed the EU crypto regulations, focussing on MiCA.
European Union’s (EU) Markets in Crypto-Assets (MiCA), which comes under EU crypto regulations, were the topic of discussion at a panel discussion at the Paris Blockchain Week 2023. The discussion, titled “MiCA: How is the EU Regulating Crypto?” saw a panel of regulators and experts delve into a conversion around the MiCA regulation amongst other EU crypto regulations. The panel discussed the impacts and implications of the regulations at length.
“We clearly expect it to be helpful in terms of strengthening the industry by giving regulatory certainty, this is one of the things that is important for businesses strategic planning, and protecting customers of the industry while ensuring market integrity,” said Gundars Ostrovskis, team leader in the Digital Finance Unit of the European Commission. He spoke about his team’s journey in formulating the MiCA regulation and how it would benefit the EU.
Chainalysis’s head of EU policy, Janet Ho, conveyed her opinion that the regulation would need constant improvements, along with a thorough understanding. According to her, constant feedback regarding the regulation was a part of the process. Hubert de Vauplane from Kramer Levin Naftalis & Frankel was particularly worried about how the new EU crypto regulation would affect other countries in the region which already have crypto regulation. He stated the example of France as one such country.
Caisse des Dépôts Group’s Nadia Filali also gave the example of France and how it showed the perfect case of how industries, regulators, and governments could work together for such regulations in the future. The panel members voiced a few concerns, but all of them supported the EU crypto regulation, whose final vote is due in April 2023.