EU
Crypto Legislation: How Bills Become Law
A comparative guide to the legislative pathways for crypto regulation in the US, EU, UK, and Japan, explaining why crypto legislation takes years and what determines success.
ESMA (European Securities and Markets Authority)
ESMA's central role in implementing MiCA through 30+ technical standards, coordinating national competent authorities, and authorizing the DLT Pilot Regime.
EU DLT Pilot Regime: The Experiment That Showed What Tokenized Securities Need
The EU's DLT Pilot Regime created a regulatory sandbox for tokenized securities trading and settlement. Three years in, the results are instructive — for what works, what doesn't, and what the EU should do next.
EU Strategic Autonomy in Digital Finance: MiCA, the Digital Euro and Technological Sovereignty
France: AMF's PSAN Regime and Early MiCA Leadership
France's digital asset policy — PSAN regime, AMF's pragmatic approach, early MiCA adoption, and France's ambition to be the EU's leading crypto financial centre.
France's PSAN Regime: Optional Licensing, Optional MiCA, and the AMF's Pragmatic Approach
France's PSAN (Prestataires de Services sur Actifs Numériques) regime created an optional licensing framework for crypto service providers — and became one of the first EU member states to invite early MiCA adoption.
MiCA (Markets in Crypto-Assets Regulation)
The European Union's comprehensive regulatory framework for crypto-assets, establishing three asset categories, CASP authorization with EU passporting rights, stablecoin reserve requirements, and ESMA oversight.
Rules-Based Regulation
A regulatory approach that specifies detailed, prescriptive requirements for regulated firms, providing legal certainty at the cost of flexibility and adaptability to innovation.