We ’ ve seen MiCA in the EU ; do regulations need to be more widespread , can you see other markets adopting similar regulations ?
CRYPTO
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We ’ ve seen MiCA in the EU ; do regulations need to be more widespread , can you see other markets adopting similar regulations ?
Riccardo Tordera : MiCA is now set to come into force but may in fact reduce the market in Europe rather than letting it grow , due to the restrictions that this regulation has imposed . The UK on the other side has seen how the approval of the Financial Services and Markets Act in July 2024 has enabled a faster path toward the design of the future regulatory framework for crypto assets and we can see how the government is steering the wheel towards the ambition of making this country the global hub for crypto assets technology .
The Payments Association welcomes this and is constantly talking to key stakeholders to support a dynamic and agile approach to regulation in this sector with the aim of making UK plc the place to be .
Kate Leaman : Yes , the regulatory landscape in the crypto industry is evolving , and we can expect to see more widespread regulations in the future . The recent introduction of MiCA ( Markets in Crypto Assets ) in the EU is a significant step towards creating a framework for the regulation of cryptocurrencies .
As other markets observe the developments in the EU , it ’ s quite
possible that they will adopt similar regulations to ensure consumer protection , enhance market integrity , and promote innovation in the crypto industry . By adopting regulations that strike the right balance , countries around the world can create a safer and more conducive environment for the growth of cryptocurrencies and related services .
Martin Masser : Regulation plays a pivotal role in the growth and stability of the crypto market ,
102 November 2023