MiCAR: Addressing Crypto Risks in the Fragmented Pre-MiCAR Environment
About this episode
Before MiCAR, the European Union grappled with inconsistently applied crypto regulations, primarily focused on anti-money laundering, leading to a fragmented market. This regulatory divergence allowed for arbitrage, burdened businesses, and failed to adequately protect consumers from fraud and market failures, exemplified by the FTX collapse. The absence of unified rules fostered financial instability, with inadequate oversight of risky practices. Recognising these shortcomings, EU policymakers introduced MiCAR to establish uniform rules, provide legal certainty, enhance investor protection, and reduce regulatory arbitrage across member states.
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