legislation on Thursday, making it one of the first major jurisdictions to clarify its approach on supervising the sector. With the EU’s 27 nations now set to comply with the new regulation, other jurisdictions such as the U.K. – whose split from the bloc went down in history as the infamous “Brexit” – may feel some pressure to speed up implementing their own crypto rules, according to industry groups.
“While not flawless, MiCA is an extremely relevant regulatory stack that puts significant pressure on the U.K. and U.S. in terms of delivering operational clarity for crypto,” London-based lobby group CryptoUKThe EU’s bespoke MiCA package – which sets out authorization requirements for crypto service providers and token issuers to be enforced by member states – differs from the U.K.’s staged approach, with different regulators setting out their own requirements.
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