Europe: "MiCA will have as big an impact as the RGPD".
Dimitrios Psarrakis, who is now a lobbyist in Brussels, spent seven years as an adviser to the European Parliament and worked on the future regulation on cryptos (MiCA). For him, this text is a considerable asset for the EU.
The Big Whale: After more than 18 months of work, the MiCA regulation has just been definitively adopted by the European Parliament. Why is this good news?
The crypto sector is still very young. On a global scale, there is no clear regulation. With MiCA, Europe is the first to have a text and a framework, so it is taking the lead.
It is often said that the United States innovates, China produces and Europe regulates. Isn't this still the case?
Things are changing. Europe is regulating and that's a good thing, but it's also going to innovate and produce, particularly in the crypto field! We mustn't overlook the importance of regulation. If Europe creates this framework, it will succeed in imposing its standards. MiCA is only the first step in the transformation of Europe's financial and technological system. The text only regulates the part on tokens, stablecoins and service providers.
All the rest, i.e. decentralised finance, NFTs, metavers, lending or staking are not really concerned.... More broadly, it's a question of the application of everything to do with blockchain in the so-called 'traditional' financial world. How do you tokenise financial assets? How do you put shares on blockchain? This is what Europe will be working on.
What do you say to those who consider that MiCA will harm the European crypto ecosystem?