At the 2025 Digital Asset Summit, regulatory clarity and global policy alignment were front and center during the panel titled “Shaping the Future of Digital Asset Policy.” Moderated by Faustine Fleuret, Executive in Residence, Taxbit, the session brought together leading voices from both the private and public sectors, including:
- Matthias Bauer-Langgartner, Head of Policy, Chainalysis
- Patrick Hansen, Sr. Director, EU Strategy & Policy, Circle
- Peter Kerstens, Advisor, European Commission
- Elise Soucie Watts, Executive Director, Global Digital Finance
This panel cut through the noise of fragmented regulatory efforts and gave attendees a practical, forward-looking view of how policy, technology, and industry strategy are converging.
Global Regulatory Momentum: Beyond the U.S. and EU
Opening the discussion, Watts set the tone by highlighting how quickly jurisdictions around the world are advancing their digital asset policies. As of early 2025, her team had already responded to 12 public consultations globally—a sign of increased engagement from governments and regulators.
She pointed to the Middle East as a standout region: “If you look at what’s happening in Dubai and Abu Dhabi… they’re not only developing their regulatory frameworks and providing the clarity that’s needed for firms, but they’re also really keen on growth.”
Watts also emphasized the importance of stablecoin legislation as a global priority. She explained that due to their cross-border nature, stablecoins demand reciprocity and interoperability across jurisdictions—a theme echoed throughout the discussion.
The EU’s Regulatory Leadership—and What’s Next
From the European Commission’s perspective, Kerstens provided the most direct look at the political and philosophical thinking behind the Markets in Crypto-Assets (MiCA) regulation. He was candid about the intent: “We’re not encouraging [crypto activity], we’re not discouraging it… but if people want to do that, they should be able to do it in the regulatory sunlight of the European Union.”
He also reflected on what’s coming next. While regulators continue to manage MiCA implementation and push back against attempts to re-litigate its provisions, Kerstens emphasized the next frontier: tokenized financial assets. “If we are not agile and move along with the developments, we are at risk of becoming a flyover zone in Europe.”
His comments made clear that the future lies not just in regulating crypto markets, but in transforming market infrastructure itself.
Circle’s Strategic Bet on Europe
Representing Circle, Hansen offered a business perspective on operating under MiCA. Circle became the first major global stablecoin issuer to be MiCA-compliant, a move that Hansen said was long in the making. “It fits super well into the broader strategy we always had, which was regulation first… The results a year later are very encouraging.”
Circle’s EURC token grew from €40 million to €160 million in market cap in less than a year—an early signal that regulatory clarity can drive adoption. However, Hansen acknowledged unresolved questions, particularly around dual licensing burdens where stablecoins are classified as both e-money and crypto assets: “That would represent a massive duplication of requirements… We have to avoid any duplication of licensing.”
The Role of Technology in Policy Evolution
Bauer-Langgartner from Chainalysis described how blockchain analytics are reshaping how both policymakers and compliance professionals understand risk. He introduced what he called the transition from “Blockchain Analytics 1.0” to “2.0”—moving from retrospective transaction tracing to proactive risk intelligence.
“We’ve now moved from investigative tools that look at transactions after the fact into prevention.”
He described real-time cybersecurity tools, fraud detection through AI, and new methods of assessing illicit activity across DeFi protocols. These advancements, he said, are influencing how regulators set expectations: “Policymakers who know what is already possible from a technical perspective will also change the way they think about obligations on firms.”
MiCA as a Global Benchmark—But Not a One-Size-Fits-All
While MiCA is widely regarded as the most comprehensive regulatory framework for crypto to date, it’s not universally replicable. As Watts noted: “For some countries, they actually won’t be able to copy MiCA even if they wanted to, because that’s not how their frameworks are designed.”
She cited principles-based jurisdictions like the UK and Australia, where regulators prefer flexible, goal-oriented rules over prescriptive ones. However, she was optimistic that MiCA would continue to drive regulatory convergence globally: “Firms would appreciate it if this was a bit more aligned… and I think we are seeing that push toward convergence.”
Regulatory Attitude vs. Legal Text
Perhaps the most important insight of the panel was the notion that attitude trumps architecture when it comes to policy enforcement. Kerstens put it succinctly: “Much more important than what the rules say is the attitude of the regulator and the supervisor.”
This sentiment was echoed by Watts, who observed that a more open, collaborative tone from U.S. regulators—particularly at the SEC—has made a significant difference in industry engagement, even before new legislation takes effect.
Industry’s Role in Shaping the Future
As the panel closed, each participant reflected on their responsibility in shaping the next phase of regulation. Kerstens challenged industry leaders directly: “Don’t send me your pitch decks… But if something in our policy is holding you back from building innovation—tell us what it is.”
Watts, speaking from an industry association’s perspective, emphasized precision and specificity in policy feedback, while Hansen stressed the need to avoid regulatory balkanization: “The worst-case scenario is if we start balkanizing the crypto markets through national and regional regulation.”
Chainalysis’ Bauer-Langgartner concluded by urging both sides—industry and regulators—to recognize the unique capabilities of blockchain: “This is new technology. We can do much better than we used to.”
Final Takeaway
This session underscored a simple truth: effective digital asset policy is not just about rules—it’s about alignment, adaptability, and understanding the technology itself. MiCA is a milestone, but the path forward demands collaboration, clarity, and above all, a shared vision of what safe and thriving global crypto markets can look like.
To learn more, watch the full panel discussion on demand today.
