- Representatives from Circle and Kraken spoke at an event in Brussels
- They predicted a timeline for the EU crypto market
The giant MiCA project was officially adopted on April 20. He paved the way for universal cryptocurrency regulation in Europe. And the prospects here inspire many enthusiasts. Especially when you consider that most blockchain companies are now registered outside Europe – in the U.S. and Asia. Recent attacks by regulators force firms to flee abroad. The EU could be their new home.
But Circle’s director of strategy and policy, Patrick Hansen, says the transition process will take quite a while. He delivered his lecture at a crypto conference in Brussels.
“It’s too early to tell if regulation can improve the region’s competitiveness. You’ll have to wait at least another 48 months-two or three years-to get some data. Right now Europe is definitely lagging behind in terms of capital and innovation.”
But Hansen added that he is already seeing some positive developments. For example, an increase in interest from institutions.
Beata Sivak, head of government relations and policy at cryptocurrency exchange Kraken in Europe, also spoke at the event.. She noted that the new law gives them the opportunity to increase investment in the region.
“It gives us the legal certainty we needed. Global consistency would be useful for international cryptocurrencies”
For more on the MiCa bill, see our story: