Bitpanda Co-CEO: MiCA enhances users’ trust in regulated platforms

According to ChainCatcher news, Austrian crypto exchange Bitpanda co-CEO Christian Trummer said on Cointelegraph’s Chain Reaction program that with the implementation of the European Union’s Crypto Asset Market Regulation (MiCA), European crypto users’ trust in regulated platforms has increased. He pointed out that most users trust regulated market participants rather than manage their own private keys.

Trummer described the voice in favor of self-hosting as concentrated in a small circle of "Crypto Twitter" and believed that most users would prefer to choose regulated service providers. He also called on regulators to enforce MiCA more strictly, saying that some companies are still providing services to European customers without obtaining MiCA licenses, putting compliant companies at a competitive disadvantage.

MiCA’s transition period for existing crypto service providers ends on July 1 at the latest, and the European Securities and Markets Authority (ESMA) has instructed national regulators to take action against unauthorized companies that continue to provide crypto services after the end of the transition period. ESMA has since called for stronger regulatory powers to tackle unauthorized crypto services and third-country companies soliciting business from EU investors without MiCA authorization.