MiCA Goes Global: Australia

The European Commission’s proposed MiCA and PRR regulations were groundbreaking in their scale, scope and intended effect. They offered clarity on crypto-assets for the EU, aiming to eliminate differences in Member State regulations and boosts Europe’s status as an innovation hub.

Many industry members, however, were concerned about the regulation and felt the voice of the industry was underrepresented in the proposal. In response, INATBA worked to establish a member-led platform throughout the regulation process, offering initial commentary, issuing a formal policy position, leading a task force to produce a report containing industry feedback and ultimately being quoted by numerous industry media outlets. As MiCA and the PRR continue their legislative processes, INATBA is proud to note many of its policy positions reflected in amendments.

The question remains: what comes next? Some believe that MiCA and the PRR will bring about an effect similar to that of the GDPR. MiCA will become the exemplary crypto-asset regulation for the international blockchain ecosystem to follow. The MiCA Goes Global series spotlights the potential impact of MiCA and the PRR across various jurisdictions, partnering with local bodies and government officials for a stimulating discussion on current regulation and what the future holds.

The first session of MiCA Goes Global was hosted in partnership with Blockchain Australia, Australia’s Peak Blockchain Industry Body, and featured high-level speakers from the public and private sectors.