Benedikt Faupel, the head of public affairs at the Austrian crypto exchange Bitpanda, said Europe’s main crypto law (MiCA) still leaves room for countries to apply it differently.
Speaking to Cointelegraph during German Blockchain Week, Faupel said that, as far as he knows, Bitpanda is the only company with three licenses under the MiCA rules. Bitpanda started in Austria in 2014 and now has offices in Berlin, Bucharest, London, and other places.
Faupel explained that MiCA finally gives the European Union clear and unified rules for crypto. Before MiCA, Europe’s crypto rules were confusing because each country had its own system. Bitpanda, for example, had to get 17 different licenses before. “With MiCA, it’s much easier,” he said.
But Faupel also warned that the rules are still not fully the same across all countries. He said there are still big differences in how countries apply them.
“Some local regulators give licenses only after a full check of the company, while others look deeper only if they see a reason. This creates an imbalance, but it’s expected when you try to regulate something as new as crypto.”
Benedikt Faupel
Faupel said that MiCA is mostly a good law, but it could still be improved, especially when it comes to reporting rules. He explained that local regulators often ask for as much data as possible first, and only later think about how to use it.
Bitpanda and Faupel’s team are working to help educate politicians and regulators across the EU about these issues.