European digital asset participants are placing heightened confidence in compliant platforms following the introduction of the European Union’s Markets in Crypto-Assets regulation, according to Christian Trummer, the co-chief executive officer of Austrian digital currency exchange Bitpanda.
During an appearance on Cointelegraph’s Chain Reaction, Trummer noted that the majority of users have greater faith in licensed market operators and put their trust in those services subsequent to the rollout of MiCA.
He contrasted that perspective with what he characterized as a “Crypto Twitter” subculture heavily centered on self-custody, stating that the average user prefers working with regulated entities rather than handling their own private keys.
Source: Cointelegraph
Additionally, he advocated for more rigorous application of the regulatory standards, mentioning that certain businesses continue providing services to European clientele without adhering to the framework, which creates an unfair competitive hurdle for compliant corporations:
The problem there definitely is that it’s not strictly enforced by the regulators, because there are still other players on the market which offer the service to European customers and they don’t comply to the MiCA license.
The transitional grandfathering window for legacy cryptocurrency service providers concluded no later than July 1, with the European Securities and Markets Authority instructing local overseers to penalize unlicensed companies that persisted in offering crypto services past their respective grace period.
Since that time, ESMA has appealed for enhanced oversight authorities to tackle illegal digital asset services and foreign enterprises targeting EU investors without proper MiCA accreditation.
Originally published at https://cointelegraph.com/news/mica-strengthened-retail-trust-regulated-crypto-exchanges-bitpanda-ceo-says?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
