Crypto regulation in Europe is always in the news. Now that the MiCA standards have been adopted, their scope and their real impact raise questions. Some experts like the president of Ethereum France have a clear opinion on the matter.
The effect of the new MiCA standards: too early to specify them?
In April, the MiCA crypto standards are adopted by the European Parliament. The decision was endorsed a few weeks later, in May, by the Member States of the European Union. This breakthrough essentially marks the rapid change of course in European crypto regulation. A development that is generally well received by the crypto industry, American in particular.
But beyond the fervor generated by this development within the crypto community, some fundamental questions emerge. Some wonder where European crypto regulation is now heading. The real added value of these standards also raises questions.
Asked about these questions, Jérôme de Tychey, the president of Ethereum France has delivered what he thinks recent European regulatory advances. According to him, it is already a big leap before in Europe at least, the crypto sector is subject to regulation.
This progress, he underlines, is also to be credited to France. The country has been able to formulate the basic operating rules of this sector. A dynamic which has strongly inspired the European legislator and which could have an echo in the country of Uncle Sam.
But however positive it may be, this evolution of crypto regulation in Europe calls for caution and restraint. According to de Tychey, it is still early to deduce the impact of European crypto regulations. Particularly regarding its effect on innovation.
“We have not yet seen the establishment of these regulations and the way in which they are carried out […]. We try to align ourselves and change our way of doing things to conform to it. But overall it’s good to know that at least we regulate[…]»the official said.
As a reminder, the MiCA rules, which establish the operating rules of the European crypto industry, are not yet in force.
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