Benedikt Faupel, head of public affairs at the Austrian cryptocurrency exchange Bitpanda, stated that the flagship cryptocurrency regulations in Europe still allow for uneven implementation across the EU.
Faupel told Cointelegraph during the German Blockchain Week that, to his knowledge, Bitpanda is the only entity with three licenses under the Markets in Crypto-Assets Regulation (MiCA). The exchange, founded in Austria in 2014, has since established additional offices in Berlin, Bucharest, London, and other locations.
Faupel noted that MiCA provides the long-awaited regulatory clarity and uniformity for the EU. He said that prior to MiCA, the European cryptocurrency landscape was fragmented into multiple independent licensing regimes, with Bitpanda previously holding 17 licenses. "With MiCA, you can make things easier," he said.
However, Faupel expressed concerns that the level of uniformity has not met expectations. Instead, different jurisdictions still show substantial differences.
Faupel indicated that the uniformity aspect of MiCA has not reached the anticipated level, pointing out that local regulators have taken different approaches in implementing the framework.
He mentioned that some local regulators only issue licenses after in-depth institutional reviews, while others conduct thorough reviews only when necessary. "This creates an imbalance," he added.
He suggested that the regulatory gaps between countries adhering to MiCA should be narrowed to create a level playing field across the EU.
Faupel stated that MiCA is largely a "good piece of legislation," but further iterative modifications could improve reporting requirements. He explained that local regulators often seem to demand all the data they can obtain before considering what that data can be used for.
The public affairs team at Bitpanda, led by Faupel, focuses on educating EU politicians and regulators. The company maintains regular contact with legislators in the European Parliament and national regulatory authorities in the countries where it operates.
"The (cryptocurrency) market needs to mature. I think the European market is quite mature already. So this is something we need to push forward," he said.
These comments come as Deutsche Bank, Germany's largest bank, reportedly plans to allow its customers to collaborate with Bitpanda to store cryptocurrencies like Bitcoin (BTC) starting next year.
Related: Bitcoin Suisse's legal director points out flaws in EU and Swiss stablecoin regulations
Original article: “Bitpanda executive says MiCA implementation in the EU remains fragmented”
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