EUCI: With MiCA Approved, The Work Only Now Begins

Following more than two years of intensive work, the crypto industry and the EU policymakers can jointly breathe a sigh of relief as the 20th of April marked the final Plenary vote of the Markets in Crypto-Assets Regulation or “MiCA”.

Implementing these new rules will provide much-needed clarity for all the crypto projects that target the EU market or want to do so in the future. The European Crypto Initiative (EUCI) welcomes this vital landmark.

“Not many people know the story of EUCI and how our organisation started as a reaction to the Commission’s legislative proposal on MiCA. Back then, I read it, and I jumped on a call with Marina Markezic and Florian Glatz, who were heading the local blockchain organisations in their home countries.

We decided right away that we needed to get involved in the process and help shape the regulation in a way that would accommodate the particularities of the industry. So now it felt incredible to observe the final discussions around MiCA in Plenary and then the text getting voted after all this time,” shared Simon Polrot, co-founder and President of EUCI.

MiCA’s Effects Are Already Observable

Even before the publication of MiCA’s text in the Official Journal of the European Union (OJEU) at the end of June, which will bring the application of the regulation a step forward, EUCI has already started to observe its practical effects.

“We are in a beneficial position of having a broader overview of the developments across the whole of the EU, meaning that we already observe the day-to-day differences on a member-state level caused by MiCA,” shares Marina Markezic, EUCI’s co-founder and Operational Manager.

Markezic continues to say:

“We now see enthusiasm within the industry that was missing in previous years – it is caused, on the one hand, by the expected legal clarity that will follow from MiCA’s application, but on the other, some member-states that previously didn’t enjoy much interest from crypto projects might have a chance to prepare for MiCA’s implementation and become desirable destinations for CASPs licensing activities almost overnight.”

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Author: Jana Serfontein

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