The Crypto Asset Market Law, known as MiCA, was approved yesterday by the European Parliament after two consecutive delays. It should be noted that through it, European policy makers aim to establish a standard and harmonized regulation for crypto assets within the European Union.
In this context, some industry leaders and personalities reacted and shared their opinion on the matter, among them is Eric Demuth, Co-CEO and founder of Bitpanda, one of the European exchanges with extensive experience in the market.
According to Demuth, this news turns out to be of great importance, since it represents the fruit of his work and interest in complying with all established regulations. In his opinion, the MiCA appears as pioneering legislation worldwide through standardized regulations that will provide confidence and security to the sector.
Likewise, Demuth alerted, as it did on a previous occasion, that there are crypto asset companies that have not been duly complying with the regulations, Therefore, with the new regulations it will be difficult for them to catch up in this regard, since until now, according to him, they have tried to avoid regulation in different ways.
“There are some European players, with Bitpanda leading the way, who will have no problem adapting to MiCA, given the fact that we were committed to regulatory compliance long before today’s signing. This will not be the case for everyone, and many will find it difficult to catch up, as they have so far tried to avoid regulation as much as possible.”he commented.
On the other hand, He also expressed his discomfort because despite having approved the law, some problems that occur today will continue to exist if action is not taken on the matter, among them is the application in a “disproportionate” way in the European companies that make the most effort to comply with the regulation.
“Loopholes need to be closed and regulation applied to everyone, especially non-European players operating illegally in the market. This is a great first step and we look forward to what the EU will build on this foundation. We look forward to that it be done in a harmonized way that allows us to take advantage of the great potential of the sector”Demuth stated.
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