The MiCA standard is probably the most important crypto regulation adopted this year in the world. It is not yet fully operational. But when it is, this European crypto regulation would make people envious. At least this is the opinion of MEP Ondřej Kovařík who spoke on the subject recently.
The wish for a good application of the MiCA crypto standard
After numerous debates in the European Parliament, the European crypto standard MiCA finally saw the light of day a few months ago. This regulation, voted for by a very large majority of MEPs, is something to be proud of.
At the very least, this is the case of the European parliamentarian Ondřej Kovařík who spoke about this regulation on the sidelines of an event dedicated to blockchain. An opportunity that the MEP took to indicate his satisfaction with the emergence of this law on cryptos.
And indeed, there is something to be satisfied with. Because, so far, the MiCA standard seems to be the only regulation in the world that most completely addresses and resolves the challenges related to the use of cryptos. On this point, the European deputies were ahead of their American counterparts.
These are still struggling with their approach to crypto regulation. This, while they could draw inspiration from European legislative proactivity to regulate a crypto industry of which they are also the leaders.
Until they get back to basics, Ondřej Kovařík wants to see the Europeans score another big blow that would certainly make the Americans jealous. This is about ensuring that the MiCA standard is applied effectively, but above all correctly.
The MiCA standard currently in fine-tuning mode
Promulgated last June, the MiCA standard, or certain of its provisions such as that concerning stablecoins, is not yet fully applicable. It will only be available from July 2024.
Until then, it is a responsibility for MEPs to ensure that this unprecedented crypto standard is applied in the best possible way. For Ondřej Kovařík, it is in fact a question of demonstrating the effectiveness of MiCA regulation in practice.
“If global businesses saw that this actually works, and that it delivers what we expected from MiCA, then I think we could actually be successful.” “, declared the MEP.
Currently, financial regulators are meticulously refining this legislation to ensure industry adherence to the rules. But there is another issue in this. They want to promote consistent adherence to standards across all European countries to avoid regulatory arbitrage.
Remember that the MiCA standard includes an authorization regime and rules relating to the issuance of stablecoins. It also takes into account, among other things, consumer protection and the fight against market abuse.
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