Lawyers have clarified that the Markets in Crypto-Assets (MiCA) regulation does not prevent the European Central Bank (ECB) from engaging with national regulators throughout the crypto licensing application process. This communication is permitted to ensure proper oversight, according to CoinTelegraph.
However, the final decisions on crypto licensing applications remain the responsibility of individual member states. This means that while the ECB can advise or share information, it does not hold decision-making power over licensing approvals.
This clarification is particularly relevant for firms like Binance navigating the evolving European regulatory landscape. For Japanese investors and market participants, understanding how European crypto rules interact with national authorities offers insight into potential regulatory approaches in other regions.