Crypto Regulators Must Adapt Quickly to Stay Globally Competitive
European regulators must rapidly adapt and collaborate post-MiCA to maintain global leadership in the growing crypto sector.Summary
Kenneth Farrugia, CEO of the Malta Financial Services Authority (MFSA), asserts that while the EU's Markets in Crypto-Assets (MiCA) Regulation positions Europe strongly to set the global regulatory standard for crypto, regulators must act quickly and collaboratively to preserve this advantage.
Malta, having implemented its Virtual Financial Assets (VFA) Act in 2018, built significant expertise in supervising crypto-asset service providers (CASPs) before MiCA, investing in training and advanced tools like blockchain analysis. This experience informed the MFSA's comprehensive approach to MiCA implementation, which involved extensive preparation and rigorous vetting, contrary to any perception of rushed licensing.
Farrugia emphasizes that scrutiny, such as the recent ESMA peer review, should be embraced as an opportunity for learning and improvement. To capitalize on the $100 billion opportunity in digital assets, European National Competent Authorities (NCAs) must continue to adapt swiftly, ensuring regulation minimizes risk without stifling the sector's innovation.
(Source：CoinDesk)