Despite Trump’s backing, crypto is choosing MiCA over America: Paybis

Europe is pulling up successful the planetary crypto contention nether its Markets successful Crypto-Assets (MiCA) framework, outpacing adjacent President Donald Trump’s crypto-friendly America.

According to Konstantins Vasilenko, co-founder and main concern improvement serviceman astatine Paybis, trading volumes from EU customers jumped 70% quarter-on-quarter successful Q1 2025, close aft the MiCA regularisation took effect.

During the aforesaid period, Paybis enactment successful the US started trending successful the other direction. Vasilenko told Cointelegraph that portion US retail enactment was declining, European users person been placing larger, much deliberate trades.

Other platforms person reported akin shifts successful idiosyncratic behavior. Kaiko estimates that only 18% of Coinbase’s spot trading volume present comes from retail customers, down from 40% successful 2021. On Robinhood, crypto trading measurement fell by 35% successful the archetypal 4th of 2025.

“The timing is hard to ignore,” said Vasilenko. “MiCA’s licensing model opened connected January 1, 2025; successful that precise quarter, our EU volumes jumped 70% portion the fig of trades hardly moved, which tells maine the caller wealth was larger and much deliberate.”

Related: ‘Policy procrastination’ leaves UK trailing EU, US successful crypto regulation: Experts

Crypto firms unafraid MiCA licneses

Several crypto firms person already adapted their strategies to align with MiCA. OKX, Crypto.com and Bybit person obtained licenses nether the caller framework, with Coinbase becoming the latest to summation the license from the Luxembourg Commission de Surveillance du Secteur Financier.

Source: Cointelegraph

The renewed capitalist assurance successful Europe is driven by cardinal features of MiCA, according to Vasilenko. For one, the MiCA framework introduced a azygous licensing authorities crossed each EU subordinate states. Once authorized successful 1 country, crypto firms tin run passim the bloc.

“Once a crypto-asset work supplier is authorized successful immoderate subordinate state, it tin “passport” the aforesaid licence crossed the remainder of the states, truthful retail clients cognize their ineligible protections question with them,” Vasilenko said.

Furthermore, MiCA enforces strict rules connected stablecoins, requiring afloat 1:1 reserves, audits, and plus segregation. It besides introduces MiFID-style protections similar wide disclosures, cooling-off periods, and transparent fees, reducing uncertainty for investors.

On the different hand, successful the US, persistent regulatory disorder continues to clasp the marketplace back. Despite favorable rhetoric from President Trump and members of his administration, nary sweeping national crypto authorities has materialized.

“State-by-state money-service licenses, unresolved SEC lawsuits, and abrupt delistings mean mean users inactive can’t archer which coins, oregon adjacent which staking products, volition beryllium disposable adjacent month,” Vasilenko said.

Related: EU to prohibition anonymous crypto accounts and privateness coins by 2027

France emerges arsenic standout

France, successful particular, has emerged arsenic a standout successful Europe. Vasilenko said Paybis saw a 175% spike successful crypto enactment successful the country, acknowledgment successful portion to its caput commencement nether the 2019 PACTE law, which already required AML registration for exchanges.

The beingness of apical fintech hubs similar Station F and the AMF’s proactive regulatory stance person helped marque France 1 of Europe’s astir crypto-engaged countries, with penetration expected to scope 24% of the colonisation this year.

Germany leads successful organization infrastructure, with Deutsche Boerse’s Clearstream acceptable to connection crypto colony services. The Netherlands, meanwhile, continues to punch supra its value with beardown outgo connectivity.

According to Vasilenko, the thought of a azygous “hub” whitethorn go outdated. “Liquidity pools successful Frankfurt oregon Paris, lawsuit enactment successful Dublin, and compliance ops successful Vilnius — each nether the azygous MiCA umbrella,” helium said.

The US could inactive spot a comeback. The GENIUS Act, presently making its mode done Congress, could present a unified licensing authorities and wide definitions for dollar-backed stablecoins. If passed by year-end, Vasilenko believes it “would bash for US retail what MiCA conscionable did for Europeans.”

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