Towards a MiCA 2.0: the Banque de France calls for conglomerate regulation

The adoption of MiCA standards on cryptos in Europe has gone very quickly. These regulations will soon begin to apply. But, already, we are talking about a second version of these rules. These would be extended to firms active in several segments of the crypto industry value chain.

The governor of the French central bank wants a 2ᵉ version of the MiCA

With the MiCA standards that govern cryptos within the European Union (EU), the old continent has made progress in this area. But this progress does not seem to be enough for Villeroy de Galhau, the governor of the Banque de France.

At the Vivatech forum held recently in Paris, the manager mentioned the idea of ​​a 2ᵉ version of this law. According to him, this would be necessary to guarantee the regulation of crypto conglomerates. A part of the regulation of the crypto industry that is not provided by the MiCA.

This new level is all the more necessary as the regulation of these platforms cannot be envisaged without international cooperation. But then, why is Villeroy de Galhau calling for a version 2 of the MiCA?

You should know that in the crypto industry, some crypto firms like Binance or Coinbase are powerful from an economic point of view. In any case, enough to embrace several segments of the industry.

Their financial influence is expressed above all by their ability to surf on several legislations according to their interests. That said, failure to take this reality into account by the MiCA could turn out to be a major regulatory gap.

For the Governor of the Banque de France, the MiCA is undoubtedly a major step forward for the European crypto sector. However, its relevance would be weakened if the regulations it implements are limited to European jurisdiction alone.

This is without taking into account that the MiCA regulation excludes from its scope, DeFi and non-fungible tokens (NFT). Activities, which, according to de Galhau, present risks for users.

” Decentralized finance is just a new technology. You have actors who use it for financial services. They must be regulated. Same action, same risks, same rules”he concluded.