Cryptoassets: market developments and policy implementation

Objectives

This session will take stock of the first lessons from the implementation of MiCA in the EU, examining the benefits and challenges observed so far, remaining regulatory gaps, and the implications of developments in other major jurisdictions such as the US and the UK. The discussion will then turn to the outlook for crypto markets and the further policy responses that may be needed to support responsible innovation while managing risks, including the role of stablecoins, the treatment of DeFi, the case for stronger supervisory convergence in the EU, and the need for greater international regulatory alignment to ensure competitiveness and consistency in global crypto markets.

Points of discussion

• Stock-taking of policy developments in the European and international crypto space: What are the main lessons emerging from the initial phase of MiCA implementation in the EU?
• What benefits has the new regime brought so far, and what practical challenges or regulatory gaps have surfaced?
• How is the international regulatory landscape, particularly in jurisdictions like the US and the UK, evolving, and what are the implications for the EU in terms of competitiveness and alignment?
• Future market and policy evolutions: What are the key development prospects for the crypto market in the EU and globally over the short to medium term?
• What further policy measures might be needed to address remaining gaps in MiCA and support responsible innovation in the crypto space?
• Should cryptoassets be integrated in major on-going EU policy initiatives such as the SIU and is further policy attention needed around stablecoins?
• Is there a need for stronger supervisory convergence in the EU crypto market?
• How can greater international regulatory consistency be achieved, and how can the EU crypto market remain competitive in this context?