The European Union’s Markets in Crypto-Assets (MiCA) regulation is set for full implementation by December 2024, placing pressure on crypto exchanges and asset providers to meet stringent new standards.

Ahead of her appearance at the upcoming Benzinga Future of Digital Assets event, Sandra Ro, CEO of Global Blockchain Business Council (GBBC), discussed the challenges facing European market players as they prepare for MiCA’s requirements.

Reflecting on earlier compliance deadlines, Ro noted confusion led many exchanges to delist certain assets: “As we saw in the June 30 MiCA deadline for fiat-backed stablecoin compliance, there was confusion in the market, and most crypto exchanges decided to delist certain ‘non-compliant’ stablecoins.”

Travel Rule Compliance and Industry Uncertainty

With MiCA’s travel rule set to take effect in December 2024, Ro pointed to ongoing concerns about how it will apply to crypto asset service providers (CASPs) across Europe. The rule will require CASPs to track information …

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