Paris

The Paris DARTE session took place on April 9th, 2025, at the French Ministry of Economy and Finance during Paris Blockchain Week. Organized with the support of the European Commission, Bpifrance, Project Catalyst, VerifyVASP, Zumo, and tBt, this roundtable continued the series' mission of fostering legal clarity within MiCAR and related regulatory frameworks. The session focused on the challenges of market access for CASPs and token issuers within the EU and globally, the divergence in supervisory interpretations, and the need for long-term harmonization strategies.

The session opened with a keynote by Peter Kerstens, Advisor at the European Commission – DG FISMA. Elsa Madrolle (VerifyVASP), Devina Paul (Zumo), and Nathan Catania (XREG) then each introduced a core challenge related to MiCAR implementation—from compliance with AML/Travel Rule requirements and banking access for CASPs, to inconsistencies in supervisory practices across Member States. Fred Gregaard, CEO of the Cardano Foundation, delivered closing remarks emphasizing the importance of dialogue between regulators and industry to enable innovation in a compliant and responsible manner.

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EU Regulatory Competitiveness Post-MiCAR

This session explored whether Europe can maintain its leadership in crypto regulation as the U.S. and UK rapidly evolve their own frameworks. Participants discussed the implications of MiCAR's complexity, inconsistent application across Member States, and the unintended effects of Level 2 guidance. The debate highlighted the urgency of adapting MiCAR and creating a bold long-term strategy to support innovation and competitiveness in the EU digital finance landscape.

UK Compliance in the Post-MiCAR Landscape

This session assessed the UK’s developing crypto regulatory framework and its practical implications for firms operating across the EU and UK. Participants expressed concerns over duplicative disclosure requirements, lack of mutual recognition with MiCAR, and burdensome compliance processes. While the UK positions itself between the EU and U.S. approaches, the current model risks being overly complex and costly for market participants.

Call to Actions

Reignite Strategic Dialogue on MiCAR 2.0: Launch a structured conversation on the future of MiCAR and Europe’s broader digital finance agenda, including tokenization, DeFi, and blockchain capital markets.
Ensure Proportional and Predictable Implementation Across the EU: Encourage consistent MiCAR enforcement across Member States and tailored application for startups and low-risk actors.
Align Level 2 Guidelines with Market Realities: Foster collaboration between ESMA, EBA, and the industry to ensure technical standards support innovation and reduce legal uncertainty.

Call to Actions

Develop a Consolidated Crypto Rulebook: Encourage UK regulators to unify scattered obligations into a comprehensive, crypto-specific handbook.
Introduce Proportionality and Recognition Mechanisms: Adopt activity-based rules and recognize MiCAR-compliant disclosures to reduce duplication.
Strengthen Industry-Regulator Collaboration: Support co-design of reporting tools and transparency infrastructure to ensure practical implementation across jurisdictions.

Travel Rule Implementation at Scale

This session addressed the operational, legal, and technical difficulties in implementing the EU Travel Rule Regulation. Participants discussed poor alignment between jurisdictions, non-interoperable technical solutions, and inconsistencies between Level 1 and Level 2 texts. The conversation highlighted the need for a coordinated response and a rethinking of how identity, transparency, and privacy can be balanced using blockchain-native solutions.

Call to Action

Publish a Travel Rule Best Practices Guide: Develop a practical reference for regulators and CASPs on implementation, interoperability, and minimum compliance standards.
Clarify Level 1 vs Level 2 Hierarchies: Ensure legal clarity by reaffirming that Level 1 legislation takes precedence over restrictive interpretations in Level 2 measures.
Explore a Strategic Alternative to the Travel Rule: Initiate a long-term community-driven proposal for a blockchain-native AML framework that ensures privacy, compliance, and traceability.