However, crypto-asset activities that are currently not covered by MiCA, such as crypto-asset lending, need to be closely monitored as well. Moreover, reporting requirements for crypto-asset exposures should be introduced not only for banks but also for other financial institutions. For example, MiCA sets out no reporting requirements for wallet providers or for exposures between trading platforms and issuers.
Also, there are no requirements for financial institutions other than banks to report exposures to crypto-assets. 4 Summing up Crypto-assets and markets are a relatively recent innovation in finance. It may be too early to draw lessons about how useful they are. But good regulation needs to err on the side of caution.