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The approval of the EU’s Markets in Cryptoassets, or MiCA, regulation is the first time that governments have tried to supervise the upstart industry on such a scale and follows the collapse of several big players including the crypto exchange FTX. MiCA, in development for three years, has been welcomed by crypto executives as an alternative to the US approach of policing the sector through enforcement actions.
The final approval “marks the start of a new era of regulatory scrutiny on unregulated crypto markets, which have caused massive losses to many first-time investors and provided a safe haven to fraudsters and criminal organizations for over a decade,” said Ernest Urtasun, shadow representative on MiCA and a parliament member for the Greens. Yet “important regulatory challenges remain unaddressed and new legislative actions are urgently needed to complete MiCA with the missing pieces.”
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