The Wild West is over for crypto-assets
On 30 December, the MiCA Regulation enters into force. This new regulatory framework opens the door to a broader and safer crypto-assets market, establishing safeguards for consumers and clear requirements for operators.
The implementation of this regulation is only the first step. As Xavier Foz, partner at RocaJunyent, points out, ‘although the current regulation is a step forward, it is likely that we will see a future revision or MiCA 2, as assets such as NFTs and decentralised finance are not yet covered. Having regulation, even if imperfect, is better than having none at all’. As technology evolves rapidly, new assets will almost certainly emerge that will require attention. Europe will need to be prepared to adjust its regulation to the demands of the future.
To operate, it will be necessary to have a licence or registration with the National Securities Market Commission (CNMV). According to Xavier Foz, ‘these clear rules of the game benefit business development. Consumers are likely to feel safer buying cryptocurrencies through reputable banking entities, attracting those who do not trust unknown internet platforms’.
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