Despite Trump’s Backing, Crypto Is Choosing MiCA Over America: Paybis

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

In line with Konstantins Vasilenko, co-founder and chief enterprise growth officer at Paybis, buying and selling volumes from EU clients 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 wrong way. Vasilenko advised Cointelegraph that whereas US retail exercise was declining, European customers have been inserting bigger, extra deliberate trades.

Different platforms have reported related shifts in consumer habits. Kaiko estimates that only 18% of Coinbase’s spot trading volume now comes from retail clients, down from 40% in 2021. On Robinhood, crypto trading volume 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 corporations safe MiCA licenses

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

The renewed investor confidence in Europe is pushed by key options of MiCA, based on 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 corporations can function all through the bloc.

“As soon as a crypto-asset service supplier is permitted in any member state, it might probably “passport” the identical license throughout the remainder of the states, so retail purchasers 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 intervals, and clear charges, lowering uncertainty for traders.

However, 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 extraordinary customers nonetheless can’t inform which cash, and even which staking merchandise, shall be obtainable subsequent month,” Vasilenko mentioned.

Associated: EU to ban anonymous crypto accounts and privacy coins by 2027

France emerges as standout

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

The presence of prime 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 succeed in 24% of the inhabitants this yr.

Germany leads in institutional infrastructure, with Deutsche Börse’s Clearstream set to supply crypto settlement companies. The Netherlands, in the meantime, continues to punch above its weight with sturdy fee connectivity.