Benedikt Faupel, head of public affairs for Bitpanda for the exchange of Austrian crypto, said that the flagship regulations of European cryptography always allows uneven implementation through the block.
Faupel told Cointelegraph on the sidelines of German Blockchain week who, as long as he knows, Bitpanda is the only player with three markets in the Crypto-Astets (Mica) regulatory licenses. The exchange was founded in Austria in 2014 and has since established additional offices in Berlin, Bucharest, London and elsewhere.
Faupel said that mica provides the European Union with long -awaited regulatory clarity and harmonization. Before Mica, he said, the European cryptography landscape has been fragmented in several separate license regimes, Bitpanda previously holding 17 licenses. “With Mica, you make things easier,” he said.
However, Faupel has raised concerns that harmonization is not up to par. Instead, different jurisdictions always have substantial differences.
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Mica is to be interpreted
Faupel said that the aspect of harmonization of mica does not meet expectations, citing local regulators adopting different approaches to implement the framework.
Faupel said that some local regulators do not attribute licenses that after a thorough institutional examination, while others examine more deeply when necessary. “It creates a kind of imbalance.” He added:
“This is something that is expected. It is not something that is inherent in Mica, it’s just something that happens when you try to regulate something as new as crypto.”
He suggested that the regulatory gap between mica membership countries should be closed to create a playground across the EU.
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How to improve mica?
Faupel said that Mica is a “good legislative act to a large extent”, but that additional iterative changes could improve declaration requirements. He explained that local regulation organizations often seem to request all the data they can obtain and then consider only for which this data can be used.
The Bitpanda public affairs team, which Faupel directs, focuses on the education of EU politicians and supervisors. The company is in regular contact with the legislators of the European Parliament and with the national regulators where it operates.
“The market (crypto) must mature. And the market, I think, in Europe has matured quite well. And that is therefore something that we have to move forward,” he said.
The comments come while the largest German bank, Deutsche Bank, planned to authorize its customers to store cryptocurrencies such as Bitcoin (BTC) from next year in partnership with Bitpanda.
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