Benzinga – By Vijay Pravin, Founder & CEO of bitsCrunch
The European Union (EU) was the first major jurisdiction in the world to propose and approve regulation on the crypto market. This came in the form of Markets in Crypto Assets or MiCA.
Passed in the EU in 2022, MiCA primarily focuses on maintaining financial stability, protecting investors, and promoting extensive transformation in the EU’s crypto-asset sector.
Although it did not come without its own set of obstacles.
Regulatory Challenges and the Emergence of Sandboxes and Pilot Programs
Blockchain startups in the EU face numerous challenges in complying with intricate and dynamic regulations. This includes General Data Protection Regulation (GDPR) and Anti-Money Laundering (AML) directives, which warrant substantial resources.
To add to that, the ambiguities in jurisdictional interpretations and inconsistent regulations across EU states present further legal obstacles….
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