The pressure is on for global regulators and legislators to keep up with the crypto industry’s fast-paced evolution and for the sector to educate itself out of its growing pains, according to experts at Global Legal Group’s crypto symposium. Discussions then honed in on the European Union and the Markets in Crypto-Assets Regulation (MiCAR). Panel chair Elise Sousie Watts, executive director at Global Digital Finance, noted the “really important point” that MiCAR will never be “enforced exactly the same” across member states, something Goodwin’s Andrew Henderson views as a “challenge”. The chair added that the “industry is still maturing”, and with that, “regulators will mature as well”. Turning to regulatory sophistication, the panel drew on the example of stablecoins, with Henderson noting that the technology is an “efficient way of moving” forward, but that the industry is constantly “running up against a regime” that “can’t quite make its mind up about stablecoins.”
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