For now, MFSA opposes CASP centralization under Mica, but supports ESMA’s efforts on supervisory convergence and peer review. This position is driven by the fact that Mica has been in force for less than a year, and this is not enough time to objectively assess the effect.
More details about Mica’s concerns and calls for a more careful approach
The Maltese Regulator MFSA stated His position with regard to the possible centralization of supervision of important crypto-asset service providers at EU level. They emphasize that Mica has been in force for about nine months, and making this the basis for regulations is premature and can even be dangerous. More precisely, they believe that the hasty addition of an extra regulatory layer that has not yet proven itself at this stage can reduce competitiveness and limit innovation in the market for digital assets.
At the same time, MFSA argues for the convergence of practices via ESMA and emphasizes the role of ESMA, so that the work through the permanent digital financing committee is appreciated to promote supervisory convergence and to control topics such as legal and supervisory arbitration. In general, the regulator gives priority to joint supervision, constructive dialogue and high -quality supervision, combining the protection of market integrity with innovation and growth support.
What is especially interesting is that we literally saw a joint statement of important European areas of law a few days ago, namely an independent initiative by the supervisors of France, Austria and Italy. They suggested strengthening the Pan-European architecture, including direct ESMA supervision on Major Casp, a stricter regime for platforms outside the EU-riot on EU investors, strengthening cybert surveillance by an independent cyber security audit before authorization and when it is renewed, as well as being renovated, as well as being renovated and for being renovated, as well as renovated, and for being renovated, and for being renovated and for being renovated, and for being renovated and a renewed, as well as being renovated and for being renovated, and for being renovated and for being renovated and for being renovated and for being renovated and for being renovated, and for being renovated and for being renovated and for being renovated and for being renovated and for being renovated and for being renovated and for being renovated and for being renovated and for being renovated and for being renovated and for being renovated and for being renovated and for being renovated and for being renovated and for being renovated, and for being renovated and for being renovated. token.
Europe still builds crypto rails
Well, while the United States has generally defined its crypto regulation, and we see the approval of one bill after another, in Europe, everything looks a bit slower and not so unambiguously. This is normal because they have not launched the large-scale pro-Crypto Regulatory Trend; That is why, like the rest of the world, they have to overtake now.
However, the main question is how the road they will follow will be immediately and whether they will take the path. Stay informed for the latest updates in the new economy, the crypto industry and the web3 room.
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