Until the MiCA regulation goes into effect, the current political landscape remains somewhat chaotic. 

Some general rules of the EU have guided the creation of policies at a national level in some member states, especially in relation to the compliance with KYC (customer identification) and AML (origin of funds and anti-money laundering measures), that is, standard measures for cash-to-crypto transactions and vice versa.

The Financial Action Task Force (FATF) and the 5th European Anti-Money Laundering Directive are ambiguous enough so that each state has a unique interpretation of the terms.

This ambiguity and the diversity of competent national authorities result in that the different member states have different positions towards crypto-assets and the laws that affect them.

For example, Portugal is known to be one of the most crypto-friendly countries for investors in Europe, a real bargain because there is no capital gains tax. However, they have announced that they are not going to wait for MiCA to change this.

Malta has attracted several start-ups in the blockchain world because it offers an attractive regulation in terms of registration and certification of service providers, trying to become the ideal country for exchanges in Europe.

Not to mention Estonia, a country that did not wait for MiCA to regulate the sector either, and has a strict legislation regarding compliance with the FATF recommendations on KYC and AML, but at the same time offers significant tax benefits to companies based in the country, as well as great facilities for the registration and constitution of companies.

In such an evolving legislative environment, it is necessary for us to keep up to date with all the possible changes and new regulations so that we can find the most profitable way or country from which to operate, always in accordance with the law.