Benedikt Faupel, head of public affairs at Austrian crypto exchange Bitpanda, shared his views on the effectiveness of MiCA regulation in Europe, emphasizing its impact on the crypto industry and existing gaps in implementation.
Issues with MiCA Harmonization
Faupel noted that despite the introduction of MiCA, the harmonization of regulations across different jurisdictions in Europe still leaves much to be desired. Some local regulators issue licenses after thorough checks, while others take a more lenient approach, leading to inconsistencies in access and procedures. > "This is something that is expected. It’s not something that is inherent to MiCA, it is just something that happens when you try to regulate something as new as crypto," he added.
Evaluation of MiCA
According to Faupel, MiCA is a "good legislative act to a great degree," but he sees the need for further iterative modifications, especially regarding reporting requirements. He emphasized that local regulatory bodies often request more information than necessary, creating additional challenges for companies.
Future of Crypto Regulation in Europe
Faupel also expressed hope that the regulatory gaps between MiCA-adhering countries should be minimized to create a level playing field. He believes the crypto market in Europe has matured sufficiently and requires further efforts to stabilize.
Benedikt Faupel's statements highlight the need for continued work on crypto regulation in Europe to achieve harmonization and address existing imbalances in legislation.
