European crypto users have ‘more faith’ in regulated firms under MiCA: Bitpanda co-CEO
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
Christian Trummer, co-CEO of Austrian crypto exchange Bitpanda, stated that European crypto users now have “more faith” in regulated platforms following the implementation of the EU’s Markets in Crypto-Assets framework (MiCA). He noted that most users prefer regulated services over self-custody despite the popularity of the “Crypto Twitter” narrative focusing on private key management. Trummer also called for stricter enforcement of MiCA, citing ongoing competition from non-compliant firms serving European customers.
Why it matters
According to the source, the increased trust in regulated platforms reflects a shift in user preferences toward compliance and security, suggesting the MiCA framework positively influences market confidence. The call for stricter enforcement highlights concerns that unregulated firms could undermine the competitive environment and regulatory goals. The source does not provide further detail on broader market or policy impacts.
Key context
The MiCA framework officially requires crypto service providers in the EU to obtain licenses, with a grandfathering period that ended by July 1. The European Securities and Markets Authority (ESMA) has instructed national regulators to act against unauthorized firms continuing to serve EU clients post-transition. ESMA has also advocated for stronger powers to supervise unauthorized crypto activities and foreign firms soliciting EU investors without MiCA authorization.
Key numbers and entities
Christian Trummer, co-CEO of Bitpanda; Bitpanda (Austria-based crypto exchange); European Union’s Markets in Crypto-Assets framework (MiCA); European Securities and Markets Authority (ESMA); deadline for MiCA grandfathering period: no later than July 1.
What remains unclear
The extent of enforcement actions against non-compliant firms and the specific measures regulators will implement remain unspecified. The source does not quantify how widespread the increased trust in regulated platforms is or provide data from users. Details on how MiCA influences market competition or user behavior beyond Trummer’s perspective are also absent.