Europe is advancing in the global encryption race under its market for encryption bells (MICA), which has even passed American -friendly encryption, Donald Trump.
According to Konstantins Vasilenko, co -founder and chief business development official in Paybis, trading volumes of European Union clients jumped 70 % on a quarter of a quarter in the first quarter of 2025, immediately after the MICA regulation is valid.
During the same period, Paybis’s activity in the United States began heading in the opposite direction. Vasilenko CointeleGRAPH told that although retail activity has decreased in the United States, European users are larger and more deliberate trading.
Other platforms reported similar transformations in the user behavior. KAIKO estimates that only 18 % of the volume of topical trading in Coinbase now comes from retail customers, a decrease from 40 % in 2021. In Robinhood, the coding trading volume decreased by 35 % in the first quarter of 2025.
“It is difficult to ignore timing,” said Vaslinco. “The Mika license window was opened on January 1, 2025; in this particular quarter, the European Union sizes jumped by 70 % while the number of deals barely moved, telling me that the new funds were larger and more intentional.”
Related to: “Political procrastination” leaves the United Kingdom in the European Union, the United States in the organization of encryption: experts
Mica LICNESES insurance companies
Many encryption companies have already adapted their strategies to comply with Mika. OKX, Crypto.com and Bybit have licenses under the new frame, as Coinbase has become the latest that obtained a license from the Luxembourg de Surveillance Du Secteur Committee.
The renewal of the renewed investor in Europe is driven by the main features of MICA, according to Vasilenko. For one, MICA’s workframe provided one license system in all European Union member states. Once declaring in one country, encryption companies can operate all over the mass.
“Once the provider of the service of encrypted assets is allowed in any member state, it can” pass the passport “of the same license through the rest of the states, so retail agents know that their legal protection is traveling with them,” Vasilinko said.
Moreover, MICA imposes strict rules on stablecoins, requires full reserves 1: 1, audit operations, and asset separation. It also provides protection similar to Mifid, such as clear disclosure, cooling periods, and transparent fees, which reduces uncertainty for investors.
On the other hand, in the United States, the continuous organizational confusion continues to restore the market. Despite the positive speech by President Trump and his administration members, no sweeping federal honor has been achieved.
Vasilenko said: “The licenses of money service are each separately, the unnoticed lawsuits, and the sudden disruptions are still unable to know the coins, or even the exciting products, which will be available next month.”
Related to: The European Union for the Prohibition of Unknown Crown Accounts and Privacy Currencies by 2027
France stands out as prominent
France has emerged, in particular, as prominent in Europe. Paybis said a 175 % increase in the country’s encryption activity, thanks to the beginning under the 2019 Agreement Law, which already requires AML registration for exchanges.
The presence of higher technology centers such as station F and the anticipated organizational position of Amf has helped make France one of the most healing countries in Europe, where the penetration is expected to reach 24 % of the population this year.
Germany is leading in institutional infrastructure, with the Deutsche Boorese group to provide encryption settlement services. Meanwhile, the Netherlands continues its weight with a strong payment connection.
According to Vasilino, one “center” idea may become old. He said: “Liquidity gatherings in Frankfurt or Paris, support customers in Dublin, and OPS in Felnis – all under the single umbrella of Mika.”
The United States can still see a return. The Genus Act, which currently makes its way through Congress, can provide a unified licensing system and clear definitions of the dollar -backed stability. If it is passed by the end of the year, Vasilenko believes that it “will do for us for retail for what Mika has just done for Europeans.”
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