Regardless of Trump’s backing, crypto is selecting MiCA over America: Paybis

Europe is pulling forward within the world crypto race beneath its Markets in Crypto-Property (MiCA) framework, outpacing even President Donald Trump’s crypto-friendly America.

Based on Konstantins Vasilenko, co-founder and chief enterprise growth officer at Paybis, buying and selling volumes from EU prospects jumped 70% quarter-on-quarter in Q1 2025, proper after the MiCA regulation took impact.

Throughout the identical interval, Paybis exercise within the US began trending in the other way. Vasilenko informed Cointelegraph that whereas US retail exercise was declining, European customers have been inserting bigger, extra deliberate trades.

Different platforms have reported related shifts in person conduct. Kaiko estimates that solely 18% of Coinbase’s spot buying and selling quantity now comes from retail prospects, down from 40% in 2021. On Robinhood, crypto buying and selling quantity fell by 35% within the first quarter of 2025.

“The timing is tough to disregard,” mentioned Vasilenko. “MiCA’s licensing window opened on January 1, 2025; in that very quarter, our EU volumes jumped 70% whereas the variety of trades hardly moved, which tells me the brand new cash was bigger and extra deliberate.”

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Crypto companies safe MiCA licneses

A number of crypto companies have already tailored their methods to align with MiCA. OKX, Crypto.com and Bybit have obtained licenses beneath the brand new framework, with Coinbase turning into the newest to realize the license from the Luxembourg Fee de Surveillance du Secteur Financier.

The renewed investor confidence in Europe is pushed by key options of MiCA, in line with Vasilenko. For one, the MiCA framework launched a single licensing regime throughout all EU member states. As soon as approved in a single nation, crypto companies can function all through the bloc.

“As soon as a crypto-asset service supplier is permitted in any member state, it will possibly “passport” the identical license throughout the remainder of the states, so retail shoppers know their authorized protections journey with them,” Vasilenko mentioned.

Moreover, MiCA enforces strict guidelines on stablecoins, requiring full 1:1 reserves, audits, and asset segregation. It additionally introduces MiFID-style protections like clear disclosures, cooling-off durations, and clear charges, decreasing uncertainty for buyers.

Then again, within the US, persistent regulatory confusion continues to carry the market again. Regardless of favorable rhetoric from President Trump and members of his administration, no sweeping federal crypto laws has materialized.

“State-by-state money-service licenses, unresolved SEC lawsuits, and sudden delistings imply peculiar customers nonetheless can’t inform which cash, and even which staking merchandise, can be out there subsequent month,” Vasilenko mentioned.

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France emerges as standout

France, particularly, has emerged as a standout in Europe. Vasilenko mentioned Paybis noticed a 175% spike in crypto exercise within the nation, thanks partially to its head begin beneath the 2019 PACTE regulation, which already required AML registration for exchanges.

The presence of high fintech hubs like Station F and the AMF’s proactive regulatory stance have helped make France one in every of Europe’s most crypto-engaged international locations, with penetration anticipated to achieve 24% of the inhabitants this 12 months.

Germany leads in institutional infrastructure, with Deutsche Boerse’s Clearstream set to supply crypto settlement providers. The Netherlands, in the meantime, continues to punch above its weight with robust cost connectivity.