Undoubtly, crypto-assets is the hot topic of 2021. The European Union has a clear willingness to develop this opportunity and other regions in the world are moving forward.
On February 11th, at 12:00, during our Digital MeetUp, we will check the current landscape around the Digital Finance Package, MiCa and Pilot Regime to see the advantages and drawbacks of the legislation.
To share their knowledge and expertise, we will have top-notch speakers : the law firm White&Case (Eline Souffriau & Willem Van de Wiele), the crypto market makers Bit4you (Marc Toledo) and Keyrock (Laura Chaput).
Join us to know more about the opportunities and the constraints this regulation will create.
12:00: Introduction by Toon Vanagt
Kindly hosted by
In a nutshell, what we can learn from these exchanges:
Markets in Crypto-Assets (‘MiCA’):
The MiCA regulation is an ambitious piece of upcoming EU regulation that gave rise to a lively debate between the panelist and interesting questions from the audience.
The objective of the regulation is to regulate all crypto-assets (other than assets already covered by existing financial regulation) and related activities (e.g. trading, custody)
· Harmonised rules across the EU for the offering of cryptoassets and service providers
· Legal certainty
· Focus on consumer protection, market integrity and financial stability can enhance confidence in the market
· EU passporting will enable rapid growth in other EU countries and remove market fragmentation
· Not always proportionate and targeted to the crypto market i.e criteria of significant stablecoins, operational issues, high entrance barriers for newcomers
· Exclusion of Decentralised Finance? How will the regulation keep up with evolving technology and business models?
· Debate around many waivers for existing licensed institutions. Same authorisation process to be applied to all players?
More operational side:
1) Marc said; I wish there was more communication between the law writers/regulators and the field actors in terms of objectives and ways to achieve them.
When you see that some of their requirements are impossible to meet (e.g. blockchain writings of the trades) there could be alternatives that are easy to audit.
2) There could also be some information sharing among financial players in terms of AML that could increase efficiency and decrease the overall costs.
Never forget that one cannot forbid a customer to use out of EU platforms! The market leaders are mainly from Asia and the USA where regulations are a bit milder. We have to think in terms of consumer protection, AML/FT on one side, for sure but also in terms of competitiveness on the other hand. How do you see the future if we hinder new fintechs development in Europe?