If there’s one thing that Brussels symbolizes to people, its regulation, says Christopher de Beukelaer, the co-founder of Brussels Blockchain Week. The event will introduce the crypto-curious to the space, highlight the Belgian blockchain ecosystem and build bridges between regulators and the industry. de Beukelaer, a Brussels MP, and Raoul Ullens, an investor, have organized the week-long event.
He pointed out that they are not maximalists or anarchists. They believe crypto has the potential to bring something to the world. Crypto will co-exist, it will not destroy the old world. Brussels Blockchain Week is somewhat of a peace conference between digital innovators and financial regulators.
Martin Brunncko, the executive vice president for Europe at Binance, said the firm has been putting effort into getting regulated. He agreed with MiCA that having a single market would be vastly beneficial. Brunncko explained that companies, under the current plans, would be able to gain approval in one member state. With a pan-European passport, they would be able to offer services throughout Europe. This would save the trouble of complying with each regime individually.
Laura Chaput, head of regulatory compliance at Keyrock, highlighted that it would be a lot of work. But crypto firms are ready to embrace regulation. Chaput said they want a clear regulatory framework. But some companies fear that regulation would be a major hurdle. Darius Rugys, a general partner at Maven 11 Capital, believes over-regulation kills developer appetite. He says regulation kills innovation. In this regard, de Beukelaer said the problem is that they are too conservative and risk-averse. He highlighted that they are too concerned with what may happen.
Many crypto executives agreed that educating lawmakers in this regard is necessary. Governments and legislators don’t understand the sector but are adamant to impose rules on the industry. But it’s also important to note that a number of governments, policymakers, and lawmakers are open to being educated.