The European Union’s Markets in Crypto-Assets Regulation is being phased in, but regulators have reportedly been inconsistent in enforcing existing laws.
The European Union’s flagship crypto legislation, passed in 2023, is coming into effect this year, but pre-existing legislation has not been enforced evenly.
This is according to Jon Helgi Egilsson, chair and founder of Monerium, a licensed e-money issuer operating in the region.
According to Egilsson, the new regulations — the Markets in Crypto-Assets Regulation (MiCA) — are built upon the EU’s Electronic Money Directive (EMD II), which has been flouted for years.