Opinion: The crypto industry is not yet ready for the European MiCA regulations
Delphine Forma, head of UK and EU policy at Solidus Labs, confirmed that the crypto industry is not ready to deal with the MiCA regulation, which is expected to be fully implemented on December 30, 2024.
She also explained that the MiCA regulations are not new, but have been introduced gradually, as stablecoin rules were introduced earlier this year, while the rest of the regulations will start soon.
Forma pointed out that the industry suffers from a misunderstanding of the MiCA regulations, and that by the end of next year, compliance with the regulations will be mandatory and mandatory without exceptions.
She also criticized the lack of preparedness of regulators in some countries, such as Belgium, which has not yet determined the body responsible for implementing MiCA, while other countries such as France are showing greater readiness.
She added that companies that are not registered in the European Union but target clients in it may face significant difficulties due to the strict rules related to reverse ordering, which prevent direct promotion of services within the European Union.
