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Ripple, ConsenSys Criticize New EU Digital Asset Regulations

Leading players in the cryptocurrency industry addressed the European Commission’s new legislative proposals. The International Association for Trusted Blockchain Applications (INATBA) responded to the Markets in Crypto-Assets (MiCA) regulation proposed for the EU by the EC. INATBA has the backing of major crypto companies such as Ripple, ConsenSys, and Iota.

Members expressed concern over the proposed legislation. Some INATBA members outlined serious concerns, stating that MiCA could “overburden a young and innovative industry with costly and complex compliance and legal requirements that are disproportionate to the policy objectives it pursues.” 

The association pressed the EC to provide supportive measures so that the MiCA does not stifle EU-based crypto innovation. “Certain analyses suggest that, under the proposed regulation, novel and early-stage developing markets such as Decentralised Finance would likely no longer be accessible to Europe and her citizens,” the INATBA’s statement reads.

Adoption of MiCA regulations should take few years. INATBA, established with the EC’s support in April 2020, has over 100 members, including tech behemoth IBM, consultancy Accenture, and Deutsche Telekom.