Attributed to Anthony Yeung, Chief Commercial Officer at CoinCover
The EU’s Markets in Crypto-Assets (MiCA) framework is now fully in force, marking one of the most significant milestones in digital asset regulation. With its phased rollout completed in 2024, MiCA harmonises rules for issuers, service providers, and stablecoins across the bloc, reducing legal uncertainty and strengthening investor protection.
The question now is how this landmark framework will shape the global crypto landscape in the years ahead. To examine its potential impact on day-to-day activity in blockchain, crypto, and web3, we spoke with six leading experts from across the sector.
Our panellists included:
- Anastasija Plotnikova – CEO and Co-Founder, Fideum Group
- David Janczewski – Co-Founder, CoinCover
- Dima Kats – CEO, Clear Junction
- Eneko Knorr – Co-Founder and CEO, Stabolut
- Lucia Slater – Director, Web3 Policy Space
- Leïla Nassiri-Jamet – Fractional General Counsel
Here’s what they had to say:
Anastasija Plotnikova: “This is a very interesting question because MiCA harmonises the rules for issuers, service providers, and stablecoins. It reduces legal uncertainty and opens the door for banks and traditional finance institutions – already authorised under capital markets regimes – to offer crypto services. That is a net positive.
At the same time, there is a divergence emerging between the EU’s stringent approach and the United States’ seemingly more permissive path. We are entering a two-track global market. Being first to legislate is important, but it also allows other jurisdictions to learn from your missteps.
For example, Tether decided not to get licensed in the EU and now only serves customers outside of it. Whether this weakens the European stablecoin market remains to be seen. Companies are likely to gravitate towards looser regimes, especially in a tight-budget climate.
The US is positioning itself as innovation-friendly. They say, “Come here, we are the crypto capital,” while Europe says, “We’ve regulated everything, come and get licensed,” but without the warm welcome. That contrast will shape the global market.”
David Janczewski: “In general, I believe regulation will be positive for the crypto market. It’s about building confidence. Crypto has dealt with fifteen years of negative publicity, often due to bad actors. With incoming regulation, those incidents should become less common. That, in turn, should boost confidence in the market.
MiCA is one of the most forward-looking regulatory frameworks out there. I hope it creates what I call a “gravity effect,” generating enough awareness and interest that other regulators begin thinking about crypto in similar ways. While we may not achieve global consistency in regulation, we can aim for global standards. That would still allow for a degree of consistency that benefits the market.”
Dima Kats: “This isn’t a million-dollar question. It’s a multi-billion-dollar question. We view these regulatory developments as reasonable and expected. The first attempts to regulate crypto started around six years ago. In Europe, places like Estonia led the way by issuing permissions for crypto dealings. Later, regulators in Malta and Gibraltar began offering oversight, with Malta in particular seeing success at the time. The UK followed by introducing its cryptoasset registration regime.
Now we are seeing comprehensive licensing across Europe. Gibraltar still issues licences, although they are not as impactful now. In the UK, we are waiting for a proper framework to be discussed and implemented.
As blockchain becomes more widely accepted and trusted, regulation makes sense. It is part of the technology’s journey toward driving the next stage of financial development.”
Eneko Knorr: “What we’ll see is that governments will regulate crypto more over the coming years, all over the world. MiCA is one of the first and most comprehensive regulatory frameworks, so it will serve as a reference point for other jurisdictions. That’s concerning. Speaking as a European, even though my company is based in Hong Kong, because while MiCA includes some constructive elements, several aspects are flawed.
There’s a risk it could stifle innovation and, more worryingly, undermine individual freedom. If other regions replicate these missteps, the global crypto landscape could become more constrained than necessary.
Now, regulation is a good thing; we are pro-regulation. Everyone understands that regulation will bring billions of users, large funds, and family offices into the space. But regulation needs to be done right.”
Lucia Slater: “I’m really excited about it. I think regulatory developments will accelerate crypto’s movement into the mainstream. We’re already seeing the option to pay with crypto for everyday transactions, such as shopping or sending money internationally. That is an exciting outcome of regulation.
Another major positive is reducing the amount of crypto used for criminal activity. Crypto still suffers from the stigma of being used to fund terrorism or for illicit trade. Regulatory clarity will help change that narrative.
That said, I do have concerns. As the sector becomes more regulated, smaller players may struggle to enter the market. Compliance costs can be high, and that creates barriers to entry. Governments will need to support innovation by ensuring access points remain, such as offering Regulatory Sandboxes to allow smaller players to operate temporarily without full compliance requirements.”
Leïla Nassiri-Jamet: “MiCA is a big step toward harmonising crypto regulation across the EU. But the real test is in how it is applied across Member States. MiCA leaves room for interpretation, which means how it is applied in practice could vary across Member States, especially on things like licensing conditions, whitepaper approvals, or how DeFi is treated.
Over the next five years, we are likely to see a difference between compliant and licensed platforms that will gain access to institutional players, capital, and marketing channels, and the others, non-compliant or fully decentralised by design, that may operate outside the EU and be excluded from the EU market entirely. Globally, MiCA sets a reference point, but its influence depends on how clearly and consistently it is implemented.”
These discussions feature in the recent CoinCover Trust Report whitepaper.
To read the full report, visit www.coincover.com.
Image provided by CoinCover
