Benedikta Faupel, head of public activities at the Austrian Crypto Exchange Bitpand, said the flagship of Europe’s crypto regulation regulation still allowed uneven implementation throughout the Bloc.
Faupel told Cointelegraph on the sides of the German Blockchain Week that, up to He knows, Bitpanda is the only player with three Crypto-Assets regulation markets (MICA) License. The exchange was established in Austria in 2014 and since the establishment of additional offices in Berlin, Bucharest, London and elsewhere.
Faupel said Mica provides the European Union with the long -awaited clarity of regulation and unity. Prior to Mica, he said, the European Crypto landscape had been a fragment in many separate licensing regimes, along with the Bitpand previously holding 17 licenses. “In Mica, you just make it easier,” he said.
However, Faupel raised concerns that unity was not up to the standard. Instead, different constituents still show a huge difference.
Related: Crypto platform expands UK services with FCA approved
Mica is for interpretation
Faupel said the aspect of MICA’s unity was less expected, citing local regulators who were taking various plot implementation techniques.
Faupel said some local regulators appoint licenses only after an in -depth institutional review, while others are only evaluating deeper as needed. “It creates some kind of imbalance.” He added:
“It’s something to expect. It’s not a thing inherent in Mica. It’s something happening when you try to fix something new as crypto.”
He suggested that the regulation gap between countries with Mica should be closed to create a field playing across the EU.
Related: Austrian Crypto Unicorn Bitpanda receives Mica license in Germany
How can mica improve?
Faupel said Mica is a “good legislative gesture at a good level,” but further iterative changes can improve reporting requirements. He explained that local bodies regulations often appear to request all the data they get and then consider what this data can use.
The Public Affairs Team of Bitpanda, led by Faupel, is dedicated to teaching EU politicians and overseers. The company regularly contacts lawmakers with the European Parliament and the national regulators where it operates.
“The (crypto) market needs to grow old. And the market, in my opinion, in Europe is well matured. And so it is something we need to drive,” he said.
The comments came as Germany’s largest bank, Deutsche Bank, reported plans to allow clients to store cryptocurrencies such as Bitcoin (Btc) from the next year In collaboration with Bitpanda.
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