European crypto users have ‘more faith’ in regulated firms under MiCA: Bitpanda co-CEO

Christian Trummer, co-CEO of Austria-based crypto exchange Bitpanda, said in an interview on Cointelegraph’s Chain Reaction that the EU’s Markets in Crypto-Assets framework (MiCA) has increased trust in regulated crypto market participants. According to Trummer, the majority of European users now place “more faith” in platforms that operate under regulatory oversight rather than relying on self-custody of private keys. Trummer contrasted broader user preferences with what he described as a niche “Crypto Twitter” emphasis on self-custody, asserting that most customers prefer the convenience and perceived security of regulated providers. He argued that this shift has strengthened the position of firms that have sought MiCA authorization and operate within the new EU rules. However, Trummer warned that uneven enforcement is undermining the regulatory framework’s effectiveness. He said some companies continue to offer services to European customers without obtaining MiCA licenses, which creates competitive disadvantages for compliant firms. Trummer called for regulators to take firmer action against these noncompliant operators. Regulators have been moving in that direction: MiCA’s grandfathering period for existing crypto service providers ended no later than July 1, and the European Securities and Markets Authority (ESMA) has directed national regulators to act against unauthorized firms that kept providing services after their transition periods. ESMA has also asked for stronger supervisory powers to tackle unauthorized crypto services and third-country firms soliciting EU investors without MiCA authorization.