The writer is a professor of economics at London Business School
The EU has led the way in setting a regulatory framework for crypto. Yet the risks that its Markets in Crypto-Assets Regulation (Mica) sought to contain are now materialising.
One source is the desire of some member states to be crypto hubs, so national regulators may be permissive in their authorisations in the name of financial innovation. Another is at the EU level, a reluctance to admit that Mica may be incomplete, at least in regard to stablecoins.
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