When the MiCA Act takes effect in 2024, cryptocurrency exchanges will benefit from uniform rules and regulations for the sector throughout Europe. According to Eric Anziani, president of Crypto.com, the Markets in Crypto-Assets (MiCA) law may accelerate the attempts of major cryptocurrency exchanges to expand throughout Europe.
Speaking confidentially, Anziani emphasised how it has become more challenging for exchanges to serve consumers internationally due to growing regulatory scrutiny and the “fragmented” character of European legislation for the sector.
“We’re excited about MiCA. Europe is a fantastic market, but it’s incredibly fragmented. Anziani says, “You have to adhere to quite distinct frameworks in each market if you want to play by the rules. The chief operations officer of the business announced that Crypto.com is now registered in several important European markets, including as France, Italy, Spain, and the Netherlands. This procedure offers some perspective on the challenges that compliance exchanges have as they go global. In the current environment, doing the right thing as a corporation can be very expensive. MiCA will help us become more standardised and efficient while maintaining a strict compliance standard.
The industry is being examined more closely now than it was before Sam Bankman-Fried’s FTX enterprise crashed. According to Anziani, authorities around the world have made certain changes to the frameworks they have in place to control the industry, particularly with regard to consumer protection and market integrity.
Another market where Crypto.com is well-established is the United Kingdom. The Financial Conduct Authority (FCA) declared tougher regulations for companies and services linked to cryptocurrencies in June 2022.
U.K.-based companies are required by a set of regulations pertaining to investor protection and advertising to establish a “cooling-off period” for new investors. Additionally, the FCA forbade businesses in the industry from offering “refer a friend” incentives and established explicit guidelines for communicating the dangers of cryptocurrency investing.
Although it’s not the only market, the UK is one where the regulator has made some adjustments. Although some changes to our offering were necessary, Anziani added, “we complied, we were on time, and we were able to continue offering our services in the market.” Anziani stated that they are getting close to 100 million users on Crypto.com.
The COO continues, “Since October 2023, the platform has experienced a surge in user activity, which is consistent with the market excitement surrounding the impending US approval of spot Bitcoin exchange-traded funds.”. Anziani claims that the corporation is still well-established in “tier one” nations, with a sizable portion of its customer base residing in North America, Western Europe, the United Kingdom, and Asia.