Patrick Hansen, Circle’s director of strategy and regulatory policy in Europe, has predicted that within 48 months of the EU Council signing the MiCA text in October last year, major European banks will deploy digital asset services.
These services could include custodial storage of digital assets, exchange operations, and the issuance of stablecoins.
Hansen believes the bill will be a new page in the history of the EU industry, potentially eliminating barriers to capital, talent, and companies, and providing an opportunity for economic and technological revival.
Prior to MiCA, companies had to individually seek approval from each national regulator, with some countries like France and Germany introducing special licensing regimes, while other countries like Ireland have AML registration obligations.
