European Union officials recently agreed to a landmark law called the Markets in Crypto-Assets (MiCa) framework that provides guidance for crypto-asset service providers (CASPs) to operate within the Europe region. As a result of this, the experts reacted with diverse opinions, from supporting the decision to explaining how it would have adverse effects.
According to Richard Gardner, CEO of commercial technology firm Modulus, the new development provides a clearer picture for CASPs as to what authorities expect. Gardner explained that:
“Not everything in it will appeal to all players, but at this point the industry just needs to understand what is expected of it. It is high time for a guide so that operators can act with intention”.
Gardner also added that this may end the digital asset downturn and open an avenue for the industry to expand and innovate. The executive believes that the laws were “constructed to protect against abuse and manipulation.”
Commenting on the issue, Petr Kozyakov, CEO of payment infrastructure company Mercuryo, also praised the move, saying it is a “welcome step in the right direction.” Kozyakov noted that this can weed out bad actors. He said:
“There is a real desire for a clear set of rules to protect people and businesses that have already adopted crypto, to weed out bad actors and encourage others to adopt crypto as a result.”
Kozyakov added that the new development may “unleash the potential” of the sector and push it towards mainstream adoption.
Related: Coinbase Seeks Aggressive European Expansion Amid Crypto Winter
Meanwhile, not all believe that the new development in EU regulation will bring positive effects within the region. Seth Hertlein, global policy director at portfolio firm Ledger, noted that the EU missed an opportunity to regain the market share it lost in Web2 through developments in Web3. Hertlein also stressed that the rules would violate the fundamental rights of Europeans.
This post Experts weigh in on the European Union’s MiCa crypto regulation
was published first on https://cointelegraph.com/news/experts-weigh-in-on-european-union-s-mica-crypto-regulation