European crypto users are placing more trust in regulated platforms following the implementation of the European Union’s Markets in Crypto-Assets framework (MiCA), according to Christian Trummer, co-CEO of Austria-based crypto exchange Bitpanda.
Speaking on Cointelegraph’s Chain Reaction, Trummer said most users have “more faith” in regulated market participants and trust those platforms following the rollout of MiCA.
He contrasted that with what he described as a “Crypto Twitter” bubble focused on self-custody, saying most users prefer regulated providers rather than managing their own private keys.
Source: Cointelegraph
He also called for stricter enforcement of MiCA, saying some companies continue to serve European customers without complying with the framework, putting regulated firms at a competitive disadvantage:
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.
MiCA’s grandfathering period for existing crypto service providers ended no later than July 1, with ESMA directing national regulators to take action against unauthorized firms that continued providing crypto services after their applicable transition period.
ESMA has since called for stronger supervisory powers to address unauthorized crypto services and third-country firms soliciting EU investors without MiCA authorization.
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Originally reported by Cointelegraph.