The initial contrast between the approach based on cryptocurrency rules in the European Union and the law enforcement strategy in the United States was once thought To shape the trajectory of the global cryptography industry.
Now that President Donald Trump is in office, having promised to make America Cryptographic capital From the world, the dynamics are different. However, the EU structured Crypto-active markets regulations (Mica) political frameworkAiming to harmonize the regulatory landscape fragmented in the 27 EU member states, is already in place and continues to shape the operational realities of some of the world’s largest cryptographic societies in one of the largest economic regions in the world.
Mica applications,, And It is endemic speedbumps,, could last many lessons for a possible American regulatory environment.
Because the mica was officially approved in mid-2023 and settled on be implemented In phases until 2024 and 2025, market players rushed to comply with its provisions. Crypto exchanges, stable transmitters and portfolio providers are now faced with strict license requirements, capital reserves mandates and clear consumer protection obligations.
Although Mica aims to rationalize crypto operations, it poses challenges for existing virtual asset service providers (VASP). All vasps recorded in the EU before 2025 must meet Mica’s requirements this year.
The predictions suggest that around 75% of them Valto may have trouble respecting new standards. Factors such as business size, compliance costs and requirements contribute to this potential contraction. For example, many registered basins are small businesses that may lack resources to meet rigorous Mica demands, including substantial capital requirements and full compliance executives.
Meanwhile, well -capitalized players like Binance,, Jamming And Kraken invest in compliance to solidify their positions on the European market.
Read also: Why financial directors who envisage stablescoins and crypto need a cybersecurity strategy
Mica’s immediate impact on the cryptography market
Mica’s complete approach covers participants in the cryptography market, including asset issuers, trading platforms, scholarships and guardian portfolio providers. The regulations allow banks, investment companies and other financial institutions to engage in Crypto market activities, provided that they have an authorization under the Markets in the Directive of Financial Instruments (MIFID) II To offer services.
In response to the implementation of Mica, several major cryptography exchanges requested registration under MIFID II of the EU to offer regulated derivatives. While the Mifid II frame was Initially designed For traditional financial services sector, And No crypto, it has become the key to companies seeking to offer regulated cryptography derivatives, including options and future.
Kraken, for example, obtained registration by the acquisition of A Cypriot investment company. In the same way, Gemini guaranteed Approval in principle offer cryptographic derivatives through the EU, while Jamming has disclosed plans for acquire An entity approved by MIFID to extend its offers from European derivatives.
The proactive regulatory approach to Europe has also positioned it as the leader of Crypto friendly banking services. A report indicated that up to 55 banks In Europe, cryptocurrency services have integrated, exceeding other regions such as Asia and North America. Countries like Germany, the United Kingdom, Switzerland, Liechtenstein and Lithuania welcome pioneer banks in this space, offering services such as secure guard, stimulus and tokenization of assets.
The United States is not content to stay outside the list of rankings, however, with the Currency controller office Having published Letter of interpretation 1183 Last week, to confirm that custody of cryptocurrencies, certain Stablecoin activities and participation in independent verification networks of nodes such as the major distributed book are authorized to national banks and federal savings associations.
Navigate the future of a regulated cryptographic landscape
The regulatory clarity provided by Mica has encouraged traditional financial institutions to integrate cryptocurrency services. Deutsche Börse‘s Clear flowFor example, plans to offer cryptocurrency Childcare and settlement services for institutional customers, focusing on bitcoin and ether. This decision is aligned with the broader trend among European financial institutions to engage in cryptocurrencies, in particular after the introduction of Mica.
However, in a sign of the American landscape Dégel, the cryptocurrency company Gemini, led by billionaire Twin Brothers Cameron Winklevoss and Tyler Winklevoss, would have registered in a confidential manner for a Initial public import (IPO). Kraken East Also would prepare for become public From the first quarter of 2026. Kraken’s plan came after the company set a case With the Securities and Exchange Commission and led another until the dry agreed to drop it.
Apart from financial services and payments, blockchain Solutions are also progressing in rationalization and optimization of loyalty and reward programs.
THE Pymnts Intelligence report “From transaction to transformation: the loyalty proposal for blockchain“Found that the loyalty market is projected To exceed $ 24 billion in income over the next five years, and brands rush to exploit the potential of the blockchain to create more flexible, attractive and profitable reward structures.
