What’s next for EU’s crypto industry as European Parliament passes MiCA?

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MiCA could make the EU more competitive and open up the unified market to crypto and blockchain businesses.

Under MiCA, however, EU-wide regulations will apply, allowing companies to operate throughout the entire EU crypto market with a MiCA license granted in one country. This will increase the competitiveness of EU startups and may result in them gaining market share from unregulated competitors.Moreover, MiCA could encourage more institutional adoption and activity in the EU crypto and blockchain market.

“It should come as no surprise, therefore, that some regulations are not yet optimal and that questions about concrete applications remain unanswered,” Schildt said, adding that with MiCA, Europe has the opportunity to position itself “as a location for innovation and quality.”, co-founder of decentralized finance project Unstoppable Finance, is also convinced that MiCA will benefit the EU crypto and blockchain market.

In addition, MiCA will ensure that every new token is reviewed for approval to check that the business model does not threaten the stability of the cryptocurrency, which creates more transparency for investors. For example, what are the specific liquidity requirements for electronic money token reserves? EU regulators will develop these standards over the next 12 to 18 months, and “the practical success of MiCA will largely depend on this implementation work — also referred to as Level 2 legislation,” Circle’s Hansen said.

 

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