The topic of regulating the cryptocurrency market in Poland has recently heated up traditional and social media. The EU MiCA package of regulations, and more precisely its Polish implementation, is considered by some to be the nail in the coffin of the industry in our country. Is this really the case, or maybe fear also has big eyes in this case?
MiCA is a groundbreaking attempt to regulate the market
The EU's MiCA package is certainly an important attempt to regulate an industry that has operated virtually without any regulations for over a decade. Although many believed that it was a real paradise, others point out that regulations are necessary. But it's smart.
In Poland we are at an important stage. A draft law has already been drafted to “put” the digital assets industry into a specific framework. What do experts think about it?
It is worth emphasizing that the creation of a draft act does not immediately mean that the final shape of the regulation will be this way
– reassures Paweł Kuskowski, CEO of Gatenox, a company that deals with, among others, the topic of KYC/AML.
Much depends on consultations with the industry, which are currently underway. It should be remembered that officials take into account the opinions of experts and the current draft of the law may still change significantly, it just needs to be carried out wisely and competently.
– added.
There is definitely a need for debate in the industry. Such a conversation was initiated by Gatenox and the Compliance Polska Association as part of Warsaw Block. Nearly 100 people from the cryptocurrency world met at the last meetup. The next MiCA meeting, again under the Warsaw Block brand, will be held on April 23 in the Gatenox building at Plac Trzech Krzyży 10/14 in Warsaw. You can sign up at the link: https://lu.ma/lg8jhzdv.
MiCA is not as scary as it is painted
Let's go back to strict regulations in our country. The most controversial issue is the provision on blocking cryptocurrencies on user accounts on exchanges. Sounds terrible. After all, bitcoin was created to prevent such situations from occurring. The idea was to take our assets out of the banking system. And not to hide anything. The genesis of blockchain is a lack of trust in institutions.
However, the cryptocurrency market has changed in recent years. It went from niche to mainstream. This is why bitcoin and other leading altcoins have become so expensive. Success has its price. This is what regulation is, and these regulations, which arouse great emotions, are simply copies of their counterparts from the “old” finance and banking market.
Yes, it's something inevitable. At the regulatory level, exchanges and cryptocurrency exchange offices will be treated almost like banks. If funds whose origin is unclear appear in their wallets, they will be able to block them on the instructions of the authorities. Of course, digital assets on paper wallets or hardware wallets will still be beyond the control of anyone but ourselves
– explains Kuskowski.
Euro version stablecoins
MiCA is not only about some ordering of the market. This is also a small revolution in the stablecoin space. In practice, it may mean the removal of dollar stablecoins from EU cryptocurrency platforms. USDT and USDC will probably be replaced by stablecoins linked to the euro. But this – again! – Nothing scary. Maybe it will even improve the credibility of the “stablecoin” market.
Banks will come in and the current small players will go out
And finally, perhaps the most important thing. What will happen to cryptocurrency companies as we know them? Will zondacrypto or Ari10, for example, disappear? Probably not. Smaller entities may be removed from the map of cryptocurrencies and exchanges. Additionally, banks will probably enter the market.
All this – moving towards stable entities, greater emphasis on regulations – is the natural course of things. If the industry is to develop, it must take such a step
– sums up Kuskowski.
It's more of an opportunity than a threat!
To sum up, the implementation of MiCA in our country will help in the development of the local market, cleanse the industry of unreliable projects and probably some scams. This is also a necessary step in the development of cryptocurrencies. Without it, we may not be able to move forward.
