MiCA Implementation Makes European Crypto Users Trust Compliant Platforms More, Bitpanda Co-CEO Calls for Stronger Enforcement

Odaily News: Christian Trummer, co-CEO of Austrian cryptocurrency exchange Bitpanda, said that after the implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), most users have greater confidence in regulated market participants and trust compliant platforms more.

Trummer also called for stronger MiCA enforcement, saying that some companies are still providing services to European clients without complying with MiCA licensing requirements, putting already-compliant companies at a competitive disadvantage.

The transition period under MiCA for existing crypto service providers ends no later than July 1, and the European Securities and Markets Authority (ESMA) has required national regulators to take action against unauthorized firms that continue to provide crypto services after the transition period ends.

ESMA has also called for stronger supervisory powers to address crypto services that are not authorized under MiCA, as well as third-country firms soliciting business from EU investors. (Cointelegraph)