Following the recent approval MiCa, experts have responded to the approval of Markets in Crypto-Assets with a range of viewpoints, from endorsing the choice to pointing out its negative consequences.
The Markets in Crypto-Assets (MiCa) framework, which defines guidelines for crypto asset service providers (CASPs) to operate within the Europe zone, was recently approved by officials of the European Union. Following this, experts responded with a range of viewpoints, from endorsing the choice to pointing out its negative consequences.
The new development, according to Richard Gardner, CEO of trading technology company Modulus, gives CASPs a clearer view of what is anticipated by the authorities. Gardner cited the following:
“Not everything contained in it is going to appeal to all the players, but, at this point, the industry just needs to understand what’s expected of it. It is well past time for a guidebook so that operators can act with intention.”
Gardner also stated that the Markets in Crypto-Assets (MiCa) framework might put a stop to the current slump in digital assets and open up new opportunities for growth and innovation. According to the administration, the provisions were “created to prevent abuse and manipulation.”
The CEO of payment infrastructure company Mercuryo, Petr Kozyakov, commented on the matter and commended the action, calling it a good start on the right path. According to Kozyakov, this might weed out bad actors. He stated:
“There is a real desire for a clear set of rules to protect individuals and businesses who have adopted cryptocurrencies already, to weed out bad actors, and to encourage others to adopt crypto as a result.”
Kozyakov continued by saying that the recent advancement might “unleash the potential” of the industry and propel it into widespread acceptance.
However, not everyone agrees that the recent change in EU rules would have a favorable impact on the area. Seth Hertlein, the Global Head of Policy at wallet company Ledger, observed that the EU squandered a chance to use improvements in Web3 to reclaim the market share it lost in Web2. Hertlein further emphasized how the MiCa regulations will violate Europeans’ fundamental rights.