Odaily Planet Daily reports that Christian Trummer, Co-CEO of Austrian cryptocurrency exchange Bitpanda, said that after the implementation of the European Union’s Markets in Crypto-Assets Regulation (MiCA), most users have greater confidence in regulated market participants and place more trust in compliant platforms.
Trummer also called for stronger MiCA enforcement, noting that some companies continue to serve European customers without complying with MiCA licensing requirements, putting compliant businesses at a competitive disadvantage.
The transition period for existing crypto service providers under MiCA ends no later than July 1, and the European Securities and Markets Authority (ESMA) has called on national regulators to take action against unauthorized entities continuing to provide crypto services after the transition period ends.
ESMA also called for enhanced regulatory powers to address crypto services not authorized under MiCA, as well as third-country firms soliciting business from EU investors. (Cointelegraph)