What do experts think about the bill?
According to Lyudmila Kukuetu, a representative of Crypto Neobank Trustee Plus, MiKa has a huge potential as a benchmark for the global cryptocurrency market. She explains this by saying that:
1. There are no analogues.
2. Large scope: more than 450 million consumers.
3. General license, which makes it easier to enter the market.
However, she also notes that the participants will face a serious challenge, as the bill sets extremely strict requirements. These include a large amount of necessary capital, excessive management requirements, and the need to disclose a lot of information. It is also necessary to ensure the interests of consumers and financial guarantees.
As a result, companies will have higher administrative costs. This will complicate their operational activities. She believes that only large companies with a positive reputation will be able to remain on the market. This will improve stability, but at the same time destroy healthy competition. Startups and small companies simply will not be able to meet such requirements.
