Regulated Crypto Platforms Gain Trust in Europe as MiCA Takes Hold

Regulated crypto platforms in Europe are gaining more user trust following the implementation of the Markets in Crypto-Assets framework (MiCA), according to Bitpanda co-CEO Christian Trummer. Speaking on Cointelegraph's Chain Reaction, he noted that most users have 'more faith' in regulated market participants and trust those platforms after MiCA was rolled out.

Trummer contrasted this with the idea of a 'Crypto Twitter' bubble focused on self-custody, saying most users prefer regulated providers over managing their own private keys. He called for stricter enforcement of MiCA, stating that some companies continue to serve European customers without complying with the framework, putting regulated firms at a competitive disadvantage.

Trummer emphasized that the problem lies in the lack of strict enforcement by regulators. 'It's not strictly enforced by the regulators,' he said, '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.'