While some industry execs believe that MiCA could trigger a shift from the EU to the UK, others question the UK’s unclear crypto regulations.
The state of cryptocurrency regulation in the United Kingdom is not certain enough to offer a good alternative for companies seeking relief from Europe’s Markets in Crypto-Assets Regulation (MiCA), according to industry insiders.
Sophie Bowler, chief compliance officer at UK-based Zodia Custody, predicted that MiCA’s requirements could trigger a “short-term shift” from the European Union to the UK.
“For firms that are unable or unwilling to meet MiCA’s requirements, there may be a short-term shift to the UK market,” Bowler declared in the Chainalysis’ 2024 Geography of Cryptocurrency Report.
