Adoption The regulation Mark the historical phase of supervision of cryptocurrencies in the European Union. The aim of this ambitious regulation is presented as significant progress and the aim of creating a harmonized framework for service providers in the field of digital assets (writing) and protecting investors while supporting innovations. However, due to his progress, Mica suggests shortcomings that are likely to prevent the development of Web 3 in Europe.
This article offers you in cooperation with Law4Code.
Strict supervision of stablecoins: Brake Innovation?
The Diet deposited on stablekoin It is undoubtedly one of the most discussed aspects. By the requirement strict reserves and Duties of high liquidityThe risk of regulations To penalize actors Europeans from competitors outside the EU, less limited. For example, a duty Guarantee each token according to liquid assets Night to the flexibility of transmitters. Could Slow down the acceptance of Stablecoins in Cross -Rerder payments.
In addition, the exclusion of algorithmic stablekoin from the regulatory framework creates legal uncertainty and slows innovation in this promising sector. Why not consider and More Numental Regulationable to adapt to the rapid development of technologies and promoting European initiatives?
NFT and MICA: ambiguity that persists
PUSH The decision to exclude NFT For some, the circuit of the mica seems to be relief. But this also raises many questions. Really, vague around the definition of NFTcombined with the absence of clear criteria for distinction NFT tool financial assets, creating a gray area that contributes Divergent interpretation.
This ambiguity Could encourage Member States to accept their own regulations, contrary to the aim of harmonizing SnÃda chased. It is necessary to clarify the fragmentation of the European market. EventuallyIt is a question of ensuring legal certainty necessary for web players 3.
Writing: Inappropriate duties for small players
The mica stores rigid requirements In terms of record and compliance with regulations Services on digital assets. The goal of investor protection is absolutely legitimate. However, the costs caused by these obligations are likely to be Suppress small innovative structures For the benefit of giants in this industry.
Obligation Detailed financial information shown and observe the standards of commitment management could Penalize European start -ups. However, they are already weakened by more complex funds than their American or Asian counterparts.
Regulation of the idea before developing new trends
Sica is largely based on consultations and studies conducted from 2018 to 2020. At that time, challenges are Callfrom Dao and KKP (Zero knowledge of prooffis) was still in its infancy. However, the ecosystem of the cryptocurrency develops at a dizzying speed. Therefore, challenges associated with decentralized finance or confidential solutions are not sufficiently approached.
The absence of a particular framework for these new technologies could lead escape and projects Toward more welcome courts as Singapore or Dubai.
If SECA regulation represents undeniable progress towards harmonized regulation of digital assets in the European Union, its gaps are likely to prevent the development of innovation and reduce the attraction of the European market. To avoid frozen and outdated regulation, it is necessary to provide regular adaptation mechanisms that are able to respond to rapid development on Web 3.
Europe must choose: to store strict regulation at the risk of suppression of innovation or to adapt its rules to remain competitive in the face of other main international financial centers.