Marina Markezic, co-founder of the European Crypto Initiative, said that the efficiency of the EU crypto framework depends on the consistent application of the Markets in Crypto-Assets Regulation (MiCA) across member states. This statement was made on X.
“A unified application of MICA is the ultimate test for the efficiency of the EU crypto framework,” said Markezic.
According to reports from the French Financial Markets Authority (AMF) and Reuters, reactions among EU member states to MiCA’s rollout and passporting have been varied. France’s AMF confirmed it will apply guidelines from the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) regarding management suitability. Meanwhile, transitional “grandfathering” periods differ between countries, ranging from 5 to 18 months. In contrast, Malta’s Financial Services Authority (MFSA) has opposed granting ESMA centralized oversight powers, indicating differing national approaches.
Reuters reported that ESMA noted most crypto trading volume occurs outside the EU, with significant activity concentrated on a few exchanges. Europe accounts for only about 7% of global Bitcoin trading, underscoring MiCA’s challenge in enhancing cross-border liquidity despite its passporting provisions.
National-level regulatory resistance against EU-wide oversight is apparent as France, Italy, and Austria have supported direct supervision by ESMA over major crypto firms. Conversely, Malta’s MFSA rejected this proposal due to concerns about efficiency. This debate highlights broader tensions regarding centralization in financial regulation within the EU.
Markezic is also Executive Director of the European Crypto Initiative since 2017, advising blockchain projects on governance and decentralization issues. She has played a significant role during MiCA negotiations in Brussels to ensure representation for open blockchain systems.
The European Crypto Initiative is a nonprofit organization based in Brussels aiming to influence EU crypto regulation towards open and decentralized applications while fostering innovation-friendly frameworks for small and medium-sized enterprises (SMEs) and service providers. It engages in advocacy, collaborates with policy groups, and educates lawmakers throughout MiCA’s legislative process.
