One year after the implementation of the European Union’s MiCA (Markets in Crypto-Assets) regulations, Gemini’s Europe CEO has described the framework as a milestone that lays the foundation for cryptocurrency regulation. However, he highlighted several areas in the current rules that require improvement, particularly the unclear supervisory mechanisms and complex regulations that pose challenges for businesses. The CEO proposed a new and improved regulatory framework called ‘MiCA 2.0,’ aimed at strengthening oversight structures, clarifying jurisdictional boundaries—especially concerning new crypto products—and establishing standards for stablecoins to promote market stability. These proposals come as Europe seeks to maintain its leadership in the global cryptocurrency sector by implementing balanced and transparent regulations. The rapidly evolving crypto industry introduces new financial instruments and technologies that present unique challenges compared to traditional financial systems. MiCA was designed to provide a comprehensive legal framework within the EU to ensure consumer protection and financial stability. However, initial implementation revealed certain shortcomings and complexities that have hindered cooperation between the industry and regulators. The introduction of MiCA 2.0 is expected to make the European crypto market more transparent, secure, and reliable, thereby boosting investor and consumer confidence. Additionally, these updates will help position the European Union as a strong and effective regulatory hub for cryptocurrencies on a global scale.
Source: binance
