Experts weigh in on MiCA at the TechIsland Summit

The Markets in Crypto-Assets Regulation (MiCA), which institutes uniform EU market rules for crypto-assets, was the topic of an insightful panel discussion at the TechIsland Summit.

The regulation covers crypto-assets that are not currently regulated by existing financial services legislation.

Key provisions for those issuing and trading crypto-assets, including asset-reference tokens and e-money tokens, cover transparency, disclosure, authorisation and supervision of transactions.

The new legal framework aims to support market integrity and financial stability by regulating public offers of crypto-assets and by ensuring consumers are better informed about their associated risks.

The panel discussion at the TechIsland Summit, entitled ‘Regulating the Future: MiCA & Crypto’s Next Chapter in Cyprus’ explored how MiCA represents a major step forward in establishing Cyprus as a well-regulated and credible destination for crypto and blockchain innovation.

The panel unpacked how the regulation brings clarity for businesses, strengthens investor confidence, and supports the country’s efforts to reshape its global reputation. It also explored the opportunities this creates for both startups and established players in the digital assets space.

Making up the panel of experts were Loukas Lagoudis, Director at Xchange-360 & Non Executive Board Member of CySEC, Menelaos Xenophontos, Head of Strategy & Intelligence at Invest Cyprus, Grigoris Sarlidis, Partner, A.G. Erotokritou LLC and Anatoly Konkin, CEO, Tria Holding. The discussion was moderated by Christia Evagorou, Group CCO, payabl.

Among other things, Xenophontos noted that MiCA was being introduced at a crucial time for cryptocurrencies as ever wider interest was being shown in crypto currencies around the world, including the EU and USA. He also suggested that MiCA could open the way for traditional banks to be more open to cryptocurrencies.

Xenophontos also suggested that time was of the essence and there should be no delay in Cyprus moving forward with MiCA and related regulation.

On his part, Lagoudis underlined the importance of cryptocurrencies and related products and services being regulated by a body that was open to communication.

He also cautioned against acting in haste, suggesting a more careful approach would be wiser when dealing with the issue and underlined the importance of government involvement.

Sarlidis noted that one of the benefits of MiCA was that once a company was certified in one EU country, it would be certified in all member states. This, he said, means that one MiCA licence would open the way to a huge EU investor base.

Konkin shared his experience as a CEO on what MiCA means to a company, and, among other things, noted that the regulation had opened the way to the business being able to offer more products and services.