Will Trump steal the EU's crypto crown?
The EU's much-vaunted new cryptocurrency laws will come into effect in a few weeks, but Brussels lawmakers are already wondering whether they will be lost to the new Donald Trump administration.
The new EU crypto framework is designed to keep markets in check, applying financial-style rules to protect traders who might otherwise fall victim to fraudsters or market manipulation.
Some argue that this additional credibility could help the EU's leadership in the innovative sector, but the US federal government is set to become even more pro-crypto as of January.
President-elect Trump has promised that his government will maintain a strategic bitcoin reserve, and news of his victory in early November sent the cryptocurrency's price to all-time highs.
This comes just as the sector prepares for the arrival of the EU Markets in Crypto Assets regulation, Mica, set to come into full force on December 30.
"Within a few weeks, the crypto-asset ecosystem is in the process of being brought within the EU's regulatory and supervisory framework," said Marcel Haag, deputy director-general at the European Commission's financial services branch.
"The EU has been a global leader in providing a clear and predictable regulatory framework to allow innovation, while protecting consumers and financial stability," Haag said, adding: "Going forward, the EU must work to maintain this direction."
Experts require providers like crypto exchanges to register with authorities and meet minimum standards to segregate assets and prevent insider trading. Other provisions for stable cryptocurrencies pegged to the value of assets such as gold or the US dollar came into effect in June.
Supporters argue that the EU law could help the fledgling sector, but some lawmakers are now nervously eyeing potential competition across the Atlantic. For others, the focus on cryptocurrencies like bitcoin is lost.
For some, such centralized plans are a far cry from the free-for-all promise of crypto, a technology that is supposed to allow for free interactions by intermediaries like banks or government.
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