The crypto landscape in Europe is still evolving, with the region transitioning from rule-building to rule application. Since MiCA is currently operational within the bloc, policymakers in Brussels have begun to debate the centralization of oversight. They would like to move the supervision by national authorities to the European Securities and Markets Authority.
Authorities believe the international market needs one supervisor to eliminate discrepancies. They also claim that one system can eliminate the loopholes that arise when 27 regulators operate at varying speeds.
Cryptocurrency companies are still adapting to this new reality. Recently, companies like Revolut, Blockchain.com, and Relai authorized MiCA. Their licenses enable them to operate in the rest of the European Economic Area.
The fact that approvals are increasing is a positive indication that the company is on the right track to achieving total compliance, since companies have realised that authorisation plays a role in determining competitiveness. The companies that are approved have a clear benefit, while those that are not have limited space for expansion.
