Jounal du Net — 09.25.2020.
William O’Rorke was quote by Charlie Perreau for a critical analysis of the European regulation on the digital asset’s services (known as the “MiCA” regulation).
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EU regulation for digital assets: under criticism as soon as published
This regulation offers a framework that is
- mandatory, unlike the optionality that prevails under French law,
- extended – it covers all crypto-financial services as well as stablecoins;
- and harmonized — it will apply to all European Union member states (passport).
Regarding the attractiveness of France under its current regulation, William O’Rorke observes that :
“The French DASP approval, for instance, is justified, but it is also burdensome since for six months you cannot operate. Whereas in Switzerland, you can start the same service within a week.”
Regarding the disproportion of the EU Regulation, William O’Rorke states:
“I am not opposed to regulation, but there is a mismatch between the regulations issued lately and the reality of a young and fragmented market made up of small businesses. It risks fostering big players that are neither French nor European.”