Christian Trummer, co-CEO of the Austrian crypto exchange Bitpanda, stated that the implementation of the European Union's Markets in Crypto-Assets (MiCA) framework has significantly boosted user confidence in regulated trading platforms. According to Trummer, the majority of European crypto users now prefer utilizing regulated service providers over managing their own private keys.
Trummer emphasized that while some segments of the crypto community remain focused on self-custody, the broader market trend favors regulated entities. He urged authorities to implement stricter enforcement of MiCA regulations, noting that companies operating without proper authorization create a competitive disadvantage for firms that adhere to the established legal framework.
The transition period for existing crypto service providers under MiCA concluded on July 1. Following this deadline, the European Securities and Markets Authority (ESMA) instructed national regulators to take enforcement actions against unauthorized entities. ESMA continues to advocate for expanded supervisory powers to effectively address firms that solicit European investors without obtaining the required MiCA authorization.
