How will the EU regulate the crypto asset market? A special round table in Brussels to find the answers

On November 17, the IGT Roundtable «Shaping the future of WEB 3.0» was held in a closed format in Brussels.

Representatives of the European public sector, international business, and WEB 3.0 experts attended the event. It was organized and moderated by the Institute for Global Transformation (Brussels) and the German Marshall Fund of the United States.

The participants mainly discussed the creation of a favorable “climate” in Europe for the development of WEB 3.0 ecosystems against the background of the planned launch of the first and largest regulated crypto asset market in the EU. According to forecasts, this should happen in about a year, as soon as the so-called MiCA (Markets in Crypto-assets) directive will be adopted.

«People don’t want to regulate this area as long as everything is fine and profits are growing. But as soon as a crisis comes and they lose money, they immediately ask: who is responsible? Often we have seen some rivalry, especially in the media: between regulators and the industry. The current situation in the world confirms that it is necessary to move from a competitive approach to a cooperative one. It is better to negotiate openly than to fight with each other. Society, industry, and politicians will only benefit from it,» said Viktor Berezenko, co-founder of the Institute for Global Transformation.

It is expected that the ideas of the Brussels round table will later become the basis for a more global expert discussion at the EUROPEAN WEB 3.0 SUMMIT, which will be held in Antwerp in February 2023. The purpose of the event is to reach a stable consensus between state regulators, businesses, the blockchain community, and civil society on what norms and algorithms the new market will operate under.

Institute for Global Transformation is a representative office of the Ukrainian Institute for Cognitive Modeling (ICM) in Europe with headquarters in Brussels.