MiCA Review: Balancing Regulation and Innovation in the European Crypto Market
The Markets in Crypto Assets Regulation (MiCA) has created a unified rulebook for the European Union and European Economic Area, allowing crypto asset service providers to passport their services across both regions.
This achievement provides customers with choice among licensed, supervised providers competing on quality, price, service, and security, all held to a common standard. The unified market also lets providers invest in one authorization and compliance architecture rather than multiple ones, giving them more flexibility.
The review of MiCA is ongoing, and the focus should be on calibration: keeping what works while streamlining or removing rules that have grown too burdensome without addressing significant risks. A proportionate approach to regulation will help maintain a large, unified market for crypto assets in Europe.