Regulators Move Beyond Rulemaking in Global Crypto Regulation

Regulators worldwide are shifting their focus from rulemaking to implementation, enforcement, and market design. This trend is evident in recent developments, particularly in Europe and the United States.

In Europe, the European Union's Markets in Crypto-Assets Regulation (MiCA) has transitioned from a legislative framework into an active compliance regime. France's financial regulator has warned that crypto firms operating within the EU may face prosecution if they fail to obtain authorization under MiCA. This marks the beginning of the enforcement phase of MiCA, where licensing requirements are becoming operational and creating immediate compliance obligations for exchanges, custodians, and other digital asset service providers.

In the United States, Coinbase and Kalshi have launched regulated perpetual crypto futures, bringing high-volume derivatives trading within the domestic regulatory framework. This development reflects a broader effort to bring digital asset activity onshore under established regulatory supervision.