Jack Nikogosian, Co-Founder, Aryze from Denmark, and Anthony Howell, Director & Foreign Overseas Representative, Bermuda Government, converse on the Crypto.Blockchain.Defi Conversation Cruise about cross border regulation comparisons.
In a significant development for the global cryptocurrency market, the European Union’s Markets in Crypto-Assets (MiCA) regulation is set to transform the regulatory landscape, with far-reaching implications for both EU member states and non-EU jurisdictions.
Denmark, as an EU member, is at the forefront of implementing MiCA’s comprehensive framework. The Danish Financial Supervisory Authority (DFSA) is gearing up for its new role as the national competent authority for MiCA implementation. A dedicated MiCA team established within the DFSA oversees the transition and process applications from crypto companies in anticipation of changing legislations to include oversight such as stablecoin regulation and the oversight of crypto asset service providers.
Meanwhile, Bermuda, known for its crypto-friendly stance, finds itself in a unique position. While not directly subject to MiCA, the British Overseas Territory is closely monitoring these developments.
Industry experts suggest that Bermudian companies dealing with EU-based entities or customers may need to consider MiCA compliance for certain activities, despite not being directly regulated by the EU framework.
The contrasting situations of Denmark and Bermuda highlight the complex, global nature of cryptocurrency regulation. As MiCA sets a new benchmark for crypto asset regulation within the EU, its influence is likely to extend far beyond European borders, potentially reshaping the global crypto regulatory landscape.
As the crypto industry continues to evolve, both Denmark and Bermuda are positioning themselves to navigate this new regulatory environment, each adapting their approach to maintain their standing in the competitive world of digital assets. Listen to the Jack & Anthony’s conversation as they comment about the trends and the next steps.