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Shaping the Future of Crypto Regulation
March 25 2024, London
Insights from the MiCA Roundtable in London
The MiCA (Markets in Crypto-Assets) Roundtable Series, initiated by thinkBLOCKtank in cooperation with Validvent, aims to increase legal certainty within the EU crypto markets by fostering expert discussions. The first event in this series took place on March 25, 2024, at the Austrian Trade Commission in London. This roundtable brought together a diverse group of experts to discuss key issues related to the implementation of MiCA.
Key Highlights
Led by Elise Soucie, the discussion emphasized integrating renewable reporting aligned with existing sustainability frameworks like the Corporate Sustainability Reporting Directive (CSRD). Participants highlighted the need for consistent reporting mechanisms to prevent fragmentation and ensure comprehensive sustainability metrics.
Dr. Max Bernt explored the complexities of EMTs and E-Money under MiCA and related directives. The discussion underscored the importance of regulatory flexibility to accommodate diverse EMT structures and the need for international collaboration to standardize regulations.
Joey Garcia led a discussion on the evolving challenges of business solicitation in the digital landscape. The group emphasized the need for clear guidelines from major application storefronts and regulatory bodies to ensure compliance with solicitation rules under MiCA.
Primary Calls to Action
Sustainability Requirements
Regulators should incorporate positive sustainability metrics into MiCA reporting frameworks, aligning with CSRD and SFDR. A collaborative effort between public and private sectors is crucial to determine and integrate current data effectively.
EMTs and E-Money
Define specific regulatory criteria for EMTs under PSD3, ensuring all EMTs are issued by entities compliant with MiCA's stipulations. Establish a regulatory sandbox for innovative testing of EMTs.
Solicitation
Form a working group to engage with major application storefronts to standardize the interpretation of solicitation in digital contexts. Develop a financial services test to harmonize solicitation criteria across different financial services frameworks within the EU.
London Partners
Conclusion
By fostering these expert discussions and implementing the recommended actions, the MiCA Roundtable Series aims to enhance the regulatory framework for crypto-assets, promoting stability, transparency, and innovation in the digital finance sector For more information and to participate, please contact the organizers at mariana.delaroche@validvent.com or nina.siedler@siedler.legal.