The crypto-asset sector is at the center of a profound regulatory transformation. The entry into force of Regulation (EU) 2023/1114, known as MiCAR (Markets in Crypto-Assets Regulation), scheduled for December 30, 2024, marks a crucial step toward a harmonized regulatory framework at the European level. This new regulatory framework introduces stricter rules for issuers and service providers, requiring industry operators not only to comply with regulatory requirements but also to undergo a significant cultural and technological shift.
An in-depth analysis published by ItaliaOggi examines the main challenges facing industry players, exploring the impact of MiCAR and the obligations introduced by the Digital Operational Resilience Act (DORA). The latter aims to strengthen the digital operational resilience of financial institutions, including companies operating in the crypto sector.
Among the experts interviewed, Angelo Messore highlighted one of the main critical issues related to MiCAR’s implementation: the cultural resistance to regulation. “Many industry operators are used to working in a less regulated and more flexible environment, with a predominantly technological rather than financial background,” Messore explained.
The implementation of these new regulations will require a complex adjustment for companies in the sector, which will need to integrate regulatory and operational expertise to comply with the new European standards.
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