EU watching wallet, but beats US for crypto

Millions of American television viewers, including those watching the NBA Finals, will soon see a new national ad campaign run by blockchain. The campaign is titled “Moving America Forward” and focuses on explaining cryptocurrency and how it can help “update the system.” The ads are part of the company’s increasing pressure on the United States Securities and Exchange Commission for clarity on digital assets. However, blockchain has also secured a license in Bermuda to operate an offshore exchange as a backup plan.

Not every cryptocurrency company has the budget for advertising and lobbying costs and are seeking escape from the U.S. while avoiding the “offshore” tag. Europe is an alternative, but it is not a full embrace of cryptocurrency nor regulatory freedom. Europe has plenty of rules for cryptocurrency, but it is still preferable to the uncertainty of the United States.

Europe introduced its Markets in Crypto-Assets (MiCA) legislation in September 2020, which was confirmed this year. Countries like France are already positioning themselves to welcome companies under these new regulations. However, MiCA isn’t perfect and has wallet restrictions and licensing requirements for exchanges and wallet providers.

Noncustodial players still have room to maneuver in Europe, which aligns with the European mindset. And for whichever parts of MiCA don’t suit your fancy, Europe remains open to experimentation and has a dedicated sandbox for crypto initiatives. Regulatory clarity is fundamental to a healthy, profitable ecosystem.

These on- and off-ramps, anchored in robust regulatory frameworks in mature and well-regarded geographies like Switzerland, offer the crypto community a reliable route to service. As the home of the most organized (if not the most ideal) regulation, Europe is a promising setting for the future of crypto.