'Europe has a good chance to export MiCA, albeit with a time lag. But the combination of this time lag and the bear market may in the meantime expose companies to erratic regulators, and consumers to unstable businesses,' says deamarkova. Opinion.
It was a nonevent, in that the outcome of the vote was expected. Yet, it is momentous because it gets the EU’s 27 members closer to being the first in the world to having a comprehensive crypto law. With just a couple of final administrative steps outstanding, the enforcement clock will start ticking in June this year, giving 12 to 18 months for the rules to kick in.For the avoidance of doubt, the rules were agreed upon last summer.
While banks, custodians and asset managers are currently weary of the reputational risk of dealing with crypto, MiCA stands to build institutional comfort with crypto as an asset-class. Regulatory professionals will recognize these terms; they have a history. Over the past decade, the mantra for authorities from Europe to Asia has been to adapt to the unbundling of financial services by creating activity-based, not entity-based, regulation. For example, we now focus on the activity of buy-now-pay-later specifically, rather than just on banks as a type of entity.
This points to how crypto complicates the normal payment versus investment distinction. MiCA Level 2 technical rules will seek to draw a clearer line, but it will be difficult. There are 20 technical standards to be written for MiCA, and this may be one of the more complex ones.
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