Europe was once a pioneer in cryptocurrency regulation, but it may soon become a corridor where innovation passes through without being retained. While the United States and Asia are rapidly advancing concrete measures, this ancient continent is mired in caution. Franklin Templeton's legal chief Catriona Kellas stated bluntly: the EU could become a bystander unable to compete with the momentum of major rivals. Although the issuance of licenses in Malta has raised concerns among regulators, Catriona Kellas, International Legal Chief of Franklin Templeton Digital Projects, expressed her worries during her speech at the DigiAssets 2025 conference held in London from June 17 to 18: this technology could indeed slip away from jurisdictions that were in the lead a few years ago. When the legislative process is too slow, it is easy to fall behind. Despite the MiCA regulation already being in effect, she still warned that the EU might become a 'flyover zone' between the US and Asia, a large area where major innovation projects pass through but rarely choose to land. Although she acknowledged that Europe is still 'in a favorable position', she emphasized that this leading advantage may soon turn into regulatory inertia. Kellas's warnings are based not only on a pessimistic assessment but also on a series of weak institutional signals indicating that the EU is beginning to respond: these factors suggest that European institutions are starting to integrate around the geopolitical tensions of cryptocurrency regulation. However, in an industry where the speed of technological innovation and deployment strategy development far exceeds that of lawmakers, this pace remains slow. Besides the strict European framework, Catriona Kellas also highlighted the emerging offensive from across the Atlantic and Asia. 'The energy from the United States has brought real momentum to Europe,' she emphasized. She sees this as a potential catalyst but also a potential danger: major industry players may prefer more flexible jurisdictions. While the EU has not yet considered implementing the 'MiCA 2' plan, some Asian countries like Singapore and South Korea have already established flexible experimental environments capable of attracting innovative businesses. This competitive pressure is becoming concrete as giants like Coinbase and Gemini expand their strategies, seeking to obtain MiCA licenses through Luxembourg and Malta. These efforts aim to leverage the passporting mechanism, which allows businesses to operate in 27 member countries once licensed in one country. However, this has raised concerns among some European regulators who worry about rapid approvals and inconsistent application of rules. Kellas also mentioned the global shift: 'We are observing that governments are challenging their regulators, asking them to break traditional models.' A global rebalancing seems to be emerging. If Europe cannot quickly adjust its approach, it may lose its arbitrator role in international cryptocurrency discussions. However, Europe is already preparing for new DeFi regulations starting in 2026, as MiCA is no longer sufficient.
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