After the implementation of MiCA, European encryption users trust compliance platforms more, Bitpanda co-CEO calls for strengthening law enforcement

Odaily Planet Daily reported that Christian Trummer, co-CEO of Austrian cryptocurrency exchange Bitpanda, said that after the implementation of the EU’s Cryptoasset Market Regulation Act (MiCA), most users have more confidence in regulated market participants and trust compliance platforms.

Trummer also called for stronger MiCA enforcement, saying some companies are still providing services to European customers without complying with MiCA licensing requirements, putting compliant companies at a competitive disadvantage.

MiCA’s transition period for existing encryption service providers is set to end on July 1 at the latest, and the European Securities and Markets Authority (ESMA) has asked national regulators to take action against unauthorized companies that continue to provide encryption services after the end of the transition period.

ESMA also called for strengthened supervisory authority to deal with crypto services not authorized under MiCA, as well as third-country businesses soliciting business from EU investors. (Cointelegraph)