META Channel Corporation | TokenLab division<\/p>\n
The Binance case exposes a structural tension within MiCA, the Markets in Crypto-Assets Regulation: the legal standard is European and uniform, but initial authorisation and primary supervisory responsibility remain national.<\/p>\n
The home Member State supervisor does not grant a merely local licence. It authorises a gateway to the European market.<\/p>\n
And that is the delicate point: once authorisation has been granted, the passport allows the firm to operate throughout the Union, even if other national supervisors had reservations about the same operator.<\/p>\n
ESMA, the European Securities and Markets Authority, can push for convergence, coordinate approaches and warn against regulatory arbitrage. But the ordinary decision to grant a CASP (crypto-asset service provider) licence remains in the hands of national authorities.<\/p>\n
That is why the Binance case should not be read simply as a matter for Greece, nor as a mere administrative withdrawal.<\/p>\n
The underlying question is more serious: can formally uniform European regulation prevent the national gateway from turning into a search for the most accommodating supervisor?<\/p>\n
A large part of MiCA\u2019s practical credibility is at stake here.<\/p>\n","protected":false},"excerpt":{"rendered":"
META Channel Corporation | TokenLab division The Binance case exposes a structural tension within MiCA, the Markets in Crypto-Assets Regulation: the legal standard is European and uniform, but initial authorisation and primary supervisory responsibility remain national. The home Member State supervisor does not grant a merely local licence. It authorises a gateway to the European […]<\/p>\n","protected":false},"author":1,"featured_media":40593,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2445,2438,2436],"tags":[2791,2510,2589,2456,2476],"class_list":["post-40383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse-sectorielle","category-blockchain-et-finance-web3","category-reglementation-et-conformite","tag-actifs-numeriques","tag-actifs-numeriques-reglementes","tag-architecture-reglementaire-de-la-blockchain","tag-blockchain","tag-mica"],"_links":{"self":[{"href":"https:\/\/metachannelcorp.com\/fr\/wp-json\/wp\/v2\/posts\/40383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/metachannelcorp.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/metachannelcorp.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/metachannelcorp.com\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/metachannelcorp.com\/fr\/wp-json\/wp\/v2\/comments?post=40383"}],"version-history":[{"count":0,"href":"https:\/\/metachannelcorp.com\/fr\/wp-json\/wp\/v2\/posts\/40383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/metachannelcorp.com\/fr\/wp-json\/wp\/v2\/media\/40593"}],"wp:attachment":[{"href":"https:\/\/metachannelcorp.com\/fr\/wp-json\/wp\/v2\/media?parent=40383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/metachannelcorp.com\/fr\/wp-json\/wp\/v2\/categories?post=40383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/metachannelcorp.com\/fr\/wp-json\/wp\/v2\/tags?post=40383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}