Crypto Regulation Is Growing Fast, but Global Rules Still Don’t Connect

More than a decade and a half since Bitcoin’s whitepaper made its debut, the rules governing the asset (as well as the crypto as a whole) have had to face bottlenecks at pretty much every nation’s doorstep.

And even though Europe, the United States, and the United Arab Emirates claim to be running “mature” crypto regimes, each of them collides not only with one another but, many a time, with their own existing rule sets.

To this point, the Financial Stability Board, an international body that monitors the global financial system, recently found that the state of crypto cooperation among all major nation-states is extremely fragmented and insufficient.

Europe’s Rulebook Is Already Back for Edits

Last month, the transitional period under the EU’s Markets in Crypto-Assets (MiCA) Regulation ended, and any crypto-asset service provider that still lacked a license had to wind down its EU operations immediately.

However, just weeks earlier, the European Commission opened a consultation asking whether MiCA itself needed rewriting. That review has since been extended through September 30, after it became increasingly clear that the rulebook’s original scope failed to adequately address aspects such as stablecoin interest, DeFi, staking, and tokenized deposits.