Europe takes over the lead to the USA in the crypto race race thanks to Mica

Europe is on the rise in the global crypto ramp with its framework market in Crypto-Assets (Mica) and thus even overtakes President Donald Trump's crypto-friendly America.

According to Konstantin's Vasilenko, co-founder and Chief Business Development Officer at Paybis, the trade volume of EU customers rose by 70 % in the first quarter of 2025, immediately after the MICA regulation came into force.

During the same period, Paybis activity began to tend in the opposite direction in the United States. Vasilenko told CoinTelegraph that the activity in the American private investor market was noticeable, while European users performed larger, more conscious business.

Other platforms have found similar shifts in user behavior. Kaiko estimates that only 18 % of the Spot trading volume of Coinbase comes from private customers, compared to 40 % in 2021. At Robinhood, the crypto trade volume dropped by 35 % in the first quarter of 2025.

“The time cannot be overlooked,” said Vasilenko. “January 2025 opened the Mica license window; in the same quarter our EU volume rose by 70 %, while the number of transactions hardly changed, which shows me that the new money was used larger and more consciously.”

Crypto companies secure mica license

Several crypto companies have already adapted their strategies to the Mica. Okx, Crypto.com and Bybit have already received licenses as part of the new law, with Coinbase being the last company that received the license from the Luxembourg Commission de Surveillance du Secteur Financier.

According to Vasilenko, the acquired trust of investors in Europe is due to the main features of Mica. On the one hand, a uniform licensing system for all EU member states was introduced with the mica framework. As soon as they are approved in a country, crypto companies can work throughout the Union.

“As soon as a crypto-asset service provider is approved in a Member State, he can 'take the same license into the other states, so that private investors know that their legal protection travels with them,” emphasized Vasilenko.

In addition, the mica enforces strict rules for stable coins that prescribe a complete 1: 1 security, audits and the separation of the assets. In addition, MiFID-like protective measures such as clear information, consideration times and transparent fees are introduced to reduce uncertainty for investors.

On the other hand, the market in the United States continues to be slowed down by the continued regulatory confusion. Despite the benevolent rhetoric of President Trump and members of his government, there was no comprehensive crypto legislation at the federal level.

“State licenses for financial services, unresolved SEC processes and sudden delistings mean that normal users still do not know which coins or even stacking products will be available next month,” said Vasilenko.

France shows itself as a pioneer

France in particular has proven to be a pioneer in Europe. Vasilenko said that Paybis recorded a 175 percent increase in crypto activities in the country, partly thanks to its advantage through the 2019 Pacte Act, which already prescribes an AML registration for stock exchanges.

The presence of top fintech centers such as station f and the proactive regulatory policy of the AMF have contributed to the fact that France has become one of the countries with the greatest crypto engagement in Europe, whereby the market penetration is expected to achieve 24 % of the population this year.

Germany is a leader in the institutional infrastructure, whereby Clearstream from the German Börse will soon also offer crypto processing services. The Netherlands, on the other hand, are still above average with their strong connectivity in payment transactions.