- Representatives of Circle and Kraken spoke at an event in Brussels
- They predicted the timing of the development of the crypto market in the EU
The gigantic MiCA project was officially adopted on April 20th. 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 of Europe – in the US and Asia. The latest attacks from regulators are forcing firms to flee abroad. The EU can become a new home for them.
But Circle’s director of EU strategy and policy, Patrick Hansen, says the transition process will take a long time. He spoke with his lecture at a crypto conference in Brussels.
“It is too early to say whether regulation can improve the region’s competitiveness. You will have to wait at least another 48 months – two or three years – to get some data. Now Europe is definitely behind in terms of capital and innovation.”
But Hansen added that he is already seeing some positive developments. For example, the growth of interest on the part of institutionalists.
Beata Sivak, head of the Kraken crypto exchange for government relations and politics in Europe, also spoke at the event. She noted that the new law gives them the opportunity to increase investment in the region.
“He gives us the legal certainty we needed. Global consistency would be beneficial for international crypto firms”
Read more about the MiCa bill in our material: