[ I N D E P T H | C R Y P T O ]
and stablecoins .
Across the pond , a draft copy of the European Commission ’ s crypto assets legislation , MiCA , was also leaked in September setting out the EU ’ s stance on cryptocurrencies , security tokens and stablecoins in a largely similar manner to the MiFID II regulation covering securities markets , investment intermediaries and trading venues .
“ It is our expectation that it will be at least 18 months before MiCA is implemented , but that would have crypto or virtual asset service providers , like exchanges and custody providers , regulated . I think that we will start to see meaningful moves from banks and other financial intermediaries in the lead up to the implementation of that regulatory piece ,” says Tyrer .
“ I think right now if we compare the state of the infrastructure within the Bitcoin and the digital asset ecosystem , it ' s night and day between now and four years ago . Some of this is a little bit disjointed , that connective tissue is still being built out . I think that the infrastructure is all in place , it ' s now connecting some of the dots .”
Infrastructure and regulation in the space is certainly bulking out . In the first six months of 2021 ,
46 // TheTRADE // Summer 2021