European Crypto Initiative co-founder: 'MICA is the ultimate test for the efficiency of the EU crypto framework'

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.