Detailed Plan
I am proposing to lead the setup of a lobby organisation in Europe called "Crypto for Europe" to lobby on regulations that have an impact on stakeholders in the crypto-asset space.
In Crypto for Europe, I will gather colleagues and crypto-experts in many fields to discuss pending legislative matters and assess how we can influence them for the industry's benefit. We will also provide the industry with practical analysis and guidebooks of recent legal and regulatory changes and developments, and of their effects. We can be a single point of contact between the industry and the regulator.
As a Brussel-based European Tech lawyer with 10Y XP in tech law, and author of several legal crypto- publications (since 2015, see links below), I am well placed and networked in Brussels to find the rights people for our organisation, and find the right people inside of the EU institutions.
*** My book about virtual currency regulations - https://thelawreviews.co.uk/title/the-virtual-currency-regulation-review/belgium
*** Article about crypto and taxation - https://www.stibbe.com/~/media/03%20news/newsletters/brussels/benelux%20ict%20law%20newsletter%20-%20n52%20-%20dec%202015.pdf
*** Article in the magazine computer law about bitcoin and regulations in EU - https://www.stibbe.com/~/media/03%20news/publications/brussels/mvr%20-%20quo%20vadis%20bitcoin.pdf
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Given the transnational nature of virtual currencies as a global phenomenon, I believe that virtual currencies are best regulated by transnational or international instruments. The EU, through AMLD5, has already taken action with regard to AML, and Valdis Dombrovskis, Executive Vice President of the European Commission, announced his intention to propose new EU legislation in this area. However, apart from AMLD5, there is no specific legislation that addresses (the opportunities or threats of) cryptocurrencies that is in place yet.
A new initiative that is highly anticipated is the MICA or Markets in Crypto Asset Directive. This proposal seeks to provide legal certainty for crypto-assets not covered by existing EU financial services legislation and establish uniform rules for crypto-asset service providers and issuers at EU level. Regulation applies to crypto-asset service providers and issuers, and establishes uniform requirements for transparency and disclosure in relation to issuance, operation, organisation and governance of crypto-asset service providers, as well as establishes consumer protection rules and measures to prevent market abuse.
However, the lack of crypto-specific legislation doesn't men existing laws shouldn't be monitored. In Europe, there are many existing laws and regulations that apply, even though they do not mention cryptocurrencies or cryptocurrency market players. E.g. MiFID II, E-money Directive, Payment Services Directive, VAT Directive. I will also be a SPOC for knowledge about these regulations.
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Use of proceeds during year 1 to setup and manage the organisation:
1. Company foundation (notary and publications) - approx. EUR 2.250
2. Accounting (in setup company and year 1) - approx. EUR 3.500
3. Website, logo design, social media setup and presence (year 1) - EUR 7.500
4. (virtual) Office location (mailbox, year 1) - 132 EUR/month x 12 - EUR - approx. EUR 1.600
5. Events & meetups (2-3 per year) - budget 2.000 EUR per event/meeting - EUR 6.000
6. Personal time Michiel Van Roey for project management, legal questions of companies in Europe, lobby work, setting up network, drafting guidelines etc (1.5 day/month at 500/day) - EUR 9.000
