During the recent press conference of the MiCA Crypto Alliance, some of the leading experts in the European crypto sector raised critical issues regarding the practical application of the MiCA regulation (Markets in Crypto-Assets). At the center of the debate: the inconsistency among the national competent authorities (NCAs), the absence of shared standards, and the need for a more transparent dialogue with regulators.
Among the speakers of the meeting:
- Isadora Arredondo, Global Policy Director, Hedera
- Alireza Siadat, Head of Blockchain & DLT, Deloitte
- Emilie Moritz, CEO, Safello
- Alexandra Lloyd, Risk & Compliance Manager, YouHodler
- Moderator of the meeting: Magnus Jones, Board Member, Nordic Blockchain Association
MiCA: a historic step, but implementation is fragmented
The speakers unanimously recognized the value of the MiCA regulation (MiCAR) as a historic turning point for the crypto sector in Europe. However, the practical implementation is creating serious misalignments among the member countries.
“It is not acceptable that after eight months of dialogue with a national authority, an application is rejected without a clear confrontation. It happened in Germany, and it is not an isolated case,”
highlighted Alireza Siadat, referring to a real case followed by his team.
In countries like Lithuania and Latvia, responses to license requests arrive within 5-6 months. In Italy or Luxembourg, however, regulators tend to use the entire available period of 18 months, leaving companies in operational limbo and without the necessary European passport to offer cross-border services.
The request of the industry: real dialogue with the authorities
According to Alexandra Lloyd, the central issue is the absence of direct confrontation:
“Often regulators come from sectors like gambling or traditional finance, and they don’t really know blockchain technology. They are making decisions without precedents or solid technical foundations.”
The lack of shared technical standards is seen as an additional obstacle: each country applies different criteria on topics such as ESG, geolocation, or remote identification.
“We need common definitions: what is meant by Scope 3 emissions? By ‘adequate’ technologies? No one wants to be the first to decide, but this blocks the entire ecosystem,”
added Lloyd.
Regulation and innovation: balance is needed
The CEO of Safello, Emilie Moritz, recounted the long journey that led her Swedish company to transform from a domestic entity to a regulated financial institution.
“It was a challenging but necessary process. The demands are high, as they should be, but it is also necessary to ensure sustainability and economic feasibility for the companies.”
Moritz also emphasized how MiCA represents a strategic opportunity for Europe:
“We are in a favorable moment, with enthusiasm and real growth in the sector. But an ecosystem is needed that supports this energy, not one that stifles it.”
Towards MiCA 2.0 or shared standards?
In the final debate, Isadora Arredondo (Hedera) emphasized the importance of understanding the original intent of the MiCA regulation:
“It was created to protect consumers and give legitimacy to the sector, but today a joint effort is needed to make it effective. Coordination between member states and dialogue with companies are essential.”
Arredondo has proposed a pragmatic approach: instead of a MiCA 2.0, work to implement technical standards and common interpretations throughout Europe. “It is essential to avoid regulatory arbitrage and loss of global competitiveness.”
Conclusion: without collaboration there is no innovation
The conference concluded with a strong message shared by all attendees: cooperation between industry and regulators is needed. Formal consultations are not enough: meetings, workshops, and events are needed where open and continuous dialogue can take place.
“Only in this way can we ensure protection for consumers, certainty for operators, and attractiveness for Europe. The market is ready, but it needs clear rules,”
concluded Magnus Jones, moderator of the event.