European Crypto Initiative: 'Digital systems require clear guidance, which can come through effective crypto regulation'

The framework and legal clarity of the Markets in Crypto-Assets (MiCA) regulations have attracted the European Union’s largest banks to enter into the crypto industry. According to a report by Cointelegraph, "European banks are moving into crypto as an asset class and tokenization technology because MiCA, the upcoming regulatory framework for Europe, is suddenly bringing full clarity for banks," said Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad.

According to a release by Elliptic, the EU’s new Markets in Crypto-Assets regulations took effect on June 30 for all stablecoin issuers, ushering in "a new era of regulatory oversight for innovators in the Crypto space." This new rule states that "issuers must now obtain approval from relevant members of state authorities before offering their tokens within the EU or when offering stablecoins pegged to the euro or other member state currency."

"The European Crypto Initiative (EUCI) is a group that "aims to shape EU regulation to favor open, permissionless, decentralized applications leveraging blockchain technology while advocating for an innovative EU environment, supporting technological development for SMEs and innovative Crypto Assets Service Providers," according to their website. The EUCI team is composed of leaders from countries over Europe that make sure "that at the national level, the voices of the crypto companies are being heard. We bring years of experience in the blockchain space and are uniquely positioned to understand the complex technical component and the challenges it brings to the centrally designed regulation framework."