A historic Markets in Crypto-Assets (MiCa) framework approved by European Union officials

Richard Gardner, CEO of Modulus, thinks the new rule may spell the end of the present slump in digital assets.

A historic regulation known as the Markets in Crypto-Assets (MiCa) framework, which offers direction for crypto asset service providers (CASPs) to operate inside the Europe zone, was recently approved by European Union officials. 

The consequences

Following this, experts responded with a range of viewpoints, from supporting the choice to pointing out its negative consequences.

According to Richard Gardner, CEO of the trading technology business Modulus, the new development offers CASPs a deeper understanding of what is expected by the authorities.

Gardner stated the following:

“The industry just has to be aware of what is required of it at this point, even though not all of its contents will be appealing to all of the participants. A manual is long overdue so that operators may make informed decisions.

Gardner also stated that this may put a stop to the current slump in digital assets and open up new opportunities for growth and innovation.

According to the administration, the provisions were “created to prevent misuse and manipulation.”

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Mercuryo’s CEO, Petr Kozyakov, made a statement on the situation and praised the move, calling it a “positive step in the correct road.” Kozyakov claims that this may weed out bad actors.

He stated:There is a genuine need for a clear set of regulations to safeguard those who have already adopted cryptocurrencies, root out unscrupulous actors, and inspire others to do the same.

Kozyakov continued by saying that the recent advancement may “unleash the potential” of the industry and propel it into general acceptance.

However, not everyone agrees that the recent change in EU rules would have a favorable impact for the area. 

The European Union wasted a chance to reclaim the market share it lost in Web2 due to advancements in Web3, according to Seth Hertlein, the global head of policy at wallet company Ledger. 

Hertlein further emphasized how the regulations will violate Europeans’ basic rights.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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