As MiCA Nears Full Adoption, Could Europe Become World’s Web3 Destination?

Anthony Moro, CEO of Provenance Blockchain Labs, shared his thoughts on the European Union’s forthcoming Markets in Crypto-Assets (MiCA) regulation, which is set to be fully adopted by December 2024.

According to Moro, MiCA’s structured regulatory framework could enhance the accessibility and consistency of the European crypto market, bringing it closer to established asset classes. Moro spoke ahead of his appearance at the upcoming Benzinga Future of Digital Assets event, where industry leaders will discuss advancements in digital finance.

Creating a Consistent Market

Moro emphasized that MiCA’s requirements will raise the standard for crypto exchanges, making the European market more cohesive. “For exchanges that operate across jurisdictions, these [standards] should have already been in place,” he said, referencing the regulation’s mandates for anti-money laundering, anti-terrorist financing, and security protocols.

Moro said that exchanges practicing these measures should smooth the transition, as MiCA’s framework aims to bring more consistency across EU member states.

He noted that this unified approach will help Europe stand out as a global player in digital assets. “Instead of having scattershot regulatory requirements in each member state, the market now has a harmonized approach,” Moro said.

This framework, he suggested, could position Europe competitively alongside other regions active in digital finance, such as the U.S., Singapore, and Brazil.

Strengthening the Web3 Environment in Europe

Moro also anticipates that MiCA’s regulatory clarity will draw more Web3 businesses to Europe. He pointed out that predictable regulations create a foundation for companies and encourage activity within the market. “The best way to encourage innovation is to have the innovators come to you and allow them to operate within clearly defined guidelines,” Moro said.

As MiCA’s adoptions moves forward, Moro expects Europe to become an attractive destination for businesses seeking consistency in regulatory oversight for digital assets. He believes this will encourage companies to establish a more substantial presence within the EU, reinforcing the region as a base for future Web3 initiatives.

At the Benzinga Future of Digital Assets event, Moro will discuss the potential long-term effects of MiCA on the European market, providing attendees with perspectives on how these changes may shape the future of digital assets in Europe.

As the digital asset market continues to mature, the convergence of regulatory shifts, M&A activities, and adoption trends will define the future of this dynamic field. Benzinga’s Future of Digital Assets event in New York City this November will provide industry leaders and investors with a platform to explore these developments further, offering insights into the evolving regulatory environment and the latest market dynamics.

Image: Shutterstock