Head of Estonian FSA: EU regulation of crypto assets needs to be adopted faster

TALLINN – According to Kilvar Kessler, chairman of the management board of the Estonian Financial Supervision Authority (FSA), the European Union's regulation on  cryptographic assets, MICA, must be adopted faster.

In his remarks at the international technology conference RAID2022, Kessler said that unified regulation of cryptographic assets in the European Union will contribute to the development of innovation and that the opening of the single market will lead to increased competition in the financial market.

The head of the Estonian FSA said a single regulation for crypto assets will unlock the potential of the single market, allow for uniform risk management across the EU, boost innovation and enable businesses to operate confidently across the European market.

"With crypto-assets, one needs to exercise great caution at this time to avoid the use of such assets to evade international financial sanctions," Kessler stressed.

At the EU level, a separate piece of legislation is being prepared to regulate the issuance of cryptocurrencies and related services, which will provide the basis for the introduction of a harmonized approach across member states.

In addition to Kessler, EU commissioner for justice Didier Reynders, vice-president of the European Parliament Dita Charanzova, Deutsche Bundesbank board member Joachim Wuermeling, Banque de France vice-president Denis Beau and many others took part in the panels of RAID2022.

RAID brings together leading researchers and practitioners from academia, government and industry to discuss the latest trends and regulations in the world of information security and technology.