Interview with Eva Kaili, Vice-President of the European Parliament, on the MiCA Regulation

The Vice-President of the European Parliament shares her views on European Union legislation on crypto-asset markets and her impact on the sector.< /p> Interview

In an article I wrote for Cointelegraph, I explained how the European Union has made progress in regulating the crypto-asset market through crypto-asset markets (MiCAs) and regulating transfers of funds (ToFR). With this subject as a backdrop, I had the privilege of interviewing one of the people who know best about the regulation of new technologies: Eva Kaili, Vice-President of the European Parliament. She has worked hard to promote innovation as a driving force for the establishment of the European Digital Single Market.

Check out the interview below, which covered key points on MiCA, with some proposed legislation proving more controversial than others, such as decentralized finance (DeFi) remaining out of reach, rules administered by through self-executing smart contracts (Lex Cryptography), Decentralized Autonomous Organizations (DAOs) and more.

1 — Your work in promoting innovation as a driver for the establishment of the European digital single market has been intense. You have been rapporteur for several bills in the areas of blockchain technology, online platforms, Big Data, fintech, AI and cybersecurity. What are the main challenges lawmakers face when introducing bills involving new technologies?

Technology is changing rapidly and innovative solutions need space to be tested and developed. Second, policymakers need time to understand how these technologies have been shaped, consult with stakeholders, and measure the expected impact on traditional markets. Thus, the best way forward is not to immediately respond to every technological development with legislative initiative, but rather to allow time for the technology to develop and for policy makers to educate themselves, understand the benefits and challenges of innovative technologies, digest how they are expected to affect the current market architecture and then suggest a balanced, technology-neutral and forward-looking legislative framework. To this end, in Europe, we adopt a "wait and see" approach, which leads us to...