Despite US President Donald Trump's pro-cryptocurrency policies, uncertainty in the US market has led investors to turn to European markets, the report said.
Konstantins, co-founder and head of business development at UK cryptocurrency trading platform Paybis
"We expect to see European Union (EU) customer transactions in the first quarter of 2025," Vasilenko said in a media interview.
"Volume increased 70% quarter-on-quarter," he said. This coincides with the time when the MiCA regulations were put into effect, while activity in the U.S. began to decline during the same period.
"While U.S. retail transactions have declined, European clients are making larger, more strategic transactions," he said. "The raw number of transactions has not changed significantly since the MiCA licensing window opened in January."
"Although the number of transactions has not increased, the volume of transactions has increased sharply," he explained. Similar phenomena have been detected on other platforms. According to market data firm Kaiko, Coinbase (
Individual investors make up just 18% of spot trading volume on Coinbase, down more than half from 40% in 2021. Robinhood also saw its first drop this year.
Cryptocurrency trading volume fell 35% in the first quarter. This trend is reflected in the strategies of companies responding to the MiCA regulations. Major exchanges such as OKX, Crypto.com, and Bybit
It already has a MiCA license and was recently approved for a license by the Luxembourg Financial Supervision Commission.
"Through a single licensing system, MiCA will ensure that a license in one member state will allow operations across the EU," Vasilenko said.
"From an investor's perspective, it gives great confidence that legal protections apply uniformly across borders," he explained.
In addition, MiCA will implement measures such as 1:1 reserve holding, regular audits, and asset segregation for stable coins.
It sets out strong requirements, introducing MiFID-style investor protection rules and strengthening disclosure, consideration periods and fee transparency.
2025/06/23 16:22 KST
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