During 2023, the crypto market in Europe grew significantly. There are almost a thousand crypto platforms on the European crypto market. A trend that has materialized in the remarkable increase in the number of registrations obtained by these entities in recent months. It should continue with the entry into force of the MiCA standard.
In 2023, almost 1,000 new crypto entities were registered in Europe
This year, the European Union (EU) met its crypto ecosystem in a significant way. According to the latest data, almost 1,000 virtual asset providers (VASPs) will be registered in Europe in 2023.
This development does not go unnoticed, in particular it increases the total number of crypto-entities registered on the old continent. That total is expected to pile up to at least 11,597 by the end of the year, according to estimates.
Czechoslovakia leads the registration race with 9,372 registered VASPs. The numbers should be taken with a pinch of salt, as the Czech data is not up-to-date, which leaves room for possible fluctuations.
In second place is Poland with 1,067 crypto service providers in its registry. The country notes that a dozen new VASPs per week were recorded during the last quarter of 2023, indicating continued growth.
Even more entities are attracted to MiCA regulations
More generally, this upward momentum of crypto platform registrations is unlikely to slow down. Analysts believe it is expected to increase significantly once the MiCA standard is fully operational.
It seems that EU member states are ready to compete to attract crypto-entrepreneurs who want to take advantage of the MiCA rules. These enable businesses to operate in a consistent and transparent manner throughout the EU.
We remind you that MiCA is the first global EU regulation for cryptocurrencies. It is to introduce uniform standards for businesses serving the 450 million inhabitants of the Union.
It should be noted that despite the remarkable increase in the number of cryptocurrency registrations, there are still concerns about a possible drop in registrations after MiCA goes into effect. For good reason, the strict, i.e. exclusive, requirements it imposes in terms of capital, internal controls and management.
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A graduate of Sciences Po Toulouse and holder of the blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. Every day I try to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations and put into perspective the economic and social problems of this ongoing revolution.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.