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French MP Knafo: MiCa regulation 'penalizes Europeans'

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French MP Knafo: MiCa regulation 'penalizes Europeans'
Web3/Crypto
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Sarah Knafo, French MP for Reconquête | X

Sarah Knafo, a French Member of Parliament and Vice President of the ENS group, expressed concerns over a new European regulation known as MiCA. She said that it "penalizes" Europeans and impedes innovation in the cryptocurrency sector. This statement was made on December 30, 2024, via X.

"Today, a European regulation that penalizes Europeans comes into force. Once again," said Knafo. "Against cryptocurrencies, as for years against artificial intelligence, industry and nuclear power, the European Union is doing the only thing it knows how to do: regulating, taxing, slowing down, scaring away those who want to create and innovate. Let us refuse the decline that they are imposing on us."

According to Knafo, with the MiCA regulation effective from December 30, 2024, the European Union is concentrating on regulating, taxing, and slowing down industries such as cryptocurrency. She compared this approach to previous actions taken against artificial intelligence and nuclear power. Knafo argued that this strategy is "scaring away those who want to create and innovate" and urged resistance against what she described as a "decline that they are imposing on us."


Knafo's post | X

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In an op-ed for Cointelegraph, Mike Sarvodaya, founder of the Galactica Network, noted issues with the exclusion of decentralized finance (DeFi) in MiCA due to its central role in the crypto ecosystem. He highlighted concerns about the "Travel Rule," which requires crypto service providers to identify both senders and recipients for transactions exceeding 1,000 euros. Sarvodaya suggested this could lead to excessive surveillance. He also warned that requiring official approval before launching tokens or liquidity might stifle innovation and cause delays.

The Autorité des Marchés Financiers (AMF) explained that MiCA regulation mandates crypto-asset service providers (CASPs) to obtain authorization before offering services. They can do so by getting approval from national authorities or notifying them if already authorized under specific statutes. CASPs demonstrating prior compliance with national laws can continue operations until July 1, 2026, while awaiting MiCA authorization. The regulation imposes obligations on CASPs including incorporation requirements, governance standards, client asset protection measures, and complaints handling procedures. CASPs must also adhere to prudential standards and maintain business continuity plans while complying with anti-money laundering and cybersecurity regulations.

Knafo serves as a French MP for Reconquête and vice president of the ENS group in the European Parliament. She is part of the ITRE Committee on Industry, Research, and Energy as well as delegations for relations with Maghreb countries and the Union for the Mediterranean.

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