The Mica regulation aims to supervise the European crypto market with a unified approach. Less than a year after its launch, the first fractures already appear. What threaten the effectiveness of this project. We tell you more below!
In short
- The Mica regulation fails to guarantee uniform application throughout the European Crypto market.
- The divergence between Mica and American regulations weakens the unification of the global crypto market.
Crypto in Europe: the unit promised by mica questioned
Promulgated in June 2023, the Mica regulation established a common framework to supervise digital assets in the European Union. It is based on a fundamental pillar: The European Crypto passport.
The latter was to allow Crypto service providers to operate freely in all member countries after obtaining a national license. This would eliminate regulatory differences between states.
On the ground, several national authorities, however, express their doubts. This is particularly the case with:
- France ;
- Italy;
- Austria.
They indeed alert on the risk of seeing certain companies crypto settle in jurisdictions perceived as more flexible. Called “Regulatory arbitration”This phenomenon weakens the principle of harmonization as much as the readability of the European framework.
In the absence of centralized guidelines, each national authority interprets the rules in its own way. Result: the promise of a coherent crypto market is crumbling.
Global crypto: mica in the face of the rise of the American model
Europe does not compose only with its own limits. It must also adapt to a global environment where regulatory approaches are moving away. In the United States, the adoption of the Genius Act in July 2025 illustrates this divergence.
Besides the technical aspect, The supervision model also radically changes. In the United States, control is based on federal agencies such as Fed and OC. In Europe, Mica standards delegate the essentials to national regulators, with coordination provided by EBA.
The differences also concern sanctions:
- The United States provides daily fines up to $ 100,000 for serious shortcomings.
- The Crypto Mica law adopts a proportionate approach, based on the turnover of companies.
Certainly, this flexibility aims to preserve the balance. However, it could also be perceived as a lack of firmness.
It is a fact: Mica represents a regulatory advance. His future will nevertheless depend on his ability to remain coherent and competitive in the face of foreign models. File to follow …
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