Mathieu Michel – the digital minister of Belgium – is confident that what the European Union (EU) has in store for bitcoin, crypto, and blockchain will be huge not just for the continent, but for the world.

Mathieu Michel Discusses the Prospects of the EU’s Crypto Regulation

Not long ago, the region of Europe announced that it was preparing a whole new string of high-end crypto regulations. Known as Markets in Crypto Assets (MiCA), the regulations are set to bring about a whole new level of trust in blockchain and crypto that nobody has ever seen before. These regulations will be the first of their kind and will take full shape somewhere between 2024 and 2025.

Michel explained in an interview:

The new MiCA bill will boost the crypto industry in Europe because Europeans are really strong on building regulation, and the purpose of this regulation is always to build trust. There are lots of opportunities for blockchain in the way value is exchanged, but it [needs] to be done in a trusted ecosystem, which is why MiCA has the power to unleash the potential of this industry. If you think that crypto is just a currency, this is a bad way to identify crypto assets. Many people only see crypto assets as a financial tool. I see them as a way we can exchange values and a way we can protect privacy. The EU will use MiCA to bring order to crypto through regulation.

Michel further said that these regulations are not designed to give the EU a competitive advantage, but rather to expand innovation in the crypto space by ensuring it’s safe and trustworthy for all. He stated:

It will help us develop a strong crypto ecosystem because we have a lot of talent in Europe that understands the next wave of innovation will be web3.

Europe to Have Its Own Blockchain?

In addition, the continent is looking to ensure it develops what Michel calls “concrete” blockchain applications within the next year or so. One of those applications will be called Europeum, a blockchain specifically built for and tailored to the European way of life. He said:

Belgium will have the EU presidency in 2024, and one of my goals then will be to transform the European blockchain concept from a technical project into a political project, to create concrete applications for the blockchain, pioneering digital wallets and digital identity. I have suggested the idea of a European blockchain, called Europeum, for digital payments and smart contracts. The need for a European blockchain arises from concerns over the dependence on foreign technology providers and the potential risks associated with that. It would have several advantages…Additionally, a European blockchain could provide greater security and privacy for transactions, as well as offering benefits such as transparency and efficiency.

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