According to Bitpanda, an Austrian cryptocurrency exchange, in collaboration with CEO Christian Trummer, after the implementation of the European Union's 'Regulations on Crypto Asset Markets' (MiCA), European crypto users are placing more trust in regulated platforms.
Trummer stated in the Chain Reaction program on Cointelegraph that most users have 'more confidence' in regulated market participants, and trust these platforms even more after the launch of MiCA.
He compares this point with what he calls the “Crypto Twitter” community that focuses on self-management, stating that most users prefer to choose regulated service providers rather than managing their private keys themselves.
He also called for stricter enforcement of MiCA, stating that some companies are still providing services to European customers without complying with this framework, putting regulated enterprises at a competitive disadvantage.
He said, "The problem definitely lies in the fact that regulatory authorities have not enforced the rules strictly, as there are still other participants in the market providing services to European customers, but they do not comply with the MiCA licensing requirements."
The transition grace period for existing crypto service providers, designated by MiCA, ended on July 1st at the latest. The European Securities and Markets Authority (ESMA, ESMA) has instructed regulatory authorities in various countries to take action against unauthorized companies that continue to provide crypto services after their respective transition periods have concluded.
Thereafter, ESMA also called for stronger regulatory powers to address unauthorized crypto services, as well as third-country companies that solicit business from EU investors without the authorization of MiCA.
