MiCA Shifts Consumer Confidence Toward Regulated Exchanges
Christian Trummer, co-CEO of the Austria-headquartered crypto exchange Bitpanda, said European digital-asset investors are now placing greater trust in firms that operate under the EU's Markets in Crypto-Assets regulation. In an appearance on Cointelegraph's Chain Reaction programme, Trummer noted that the majority of users express "more faith" in market participants who hold MiCA authorization, and that consumer confidence in such platforms has risen noticeably since the framework began to take effect.
He drew a clear distinction between the preferences of the broader user base and the self-custody narrative that dominates what he called the "Crypto Twitter" echo chamber. According to Trummer, most retail investors do not want to hold their own private keys; they would rather rely on a regulated provider to safeguard their assets. This, he argued, is a significant shift in mindset compared with the earlier years of the industry, when non-custodial wallets were presented as the only "safe" option.
Call for Tougher Enforcement Against Non-Compliant Firms
While welcoming the regulatory clarity MiCA has brought, Trummer also pressed for more vigorous enforcement. He pointed out that a number of companies continue to offer crypto services to customers in Europe without holding the required authorization, which he said places fully compliant exchanges at a competitive disadvantage. In his view, the rulebook only works if it is applied uniformly.
The regulatory backdrop supports his concern. The MiCA grandfathering window for pre-existing crypto-asset service providers closed no later than 1 July, after which the European Securities and Markets Authority (ESMA) instructed national regulators to act against any firm still operating without the necessary licence. ESMA has subsequently urged the EU to grant supervisors stronger powers to tackle unauthorised crypto services and to address third-country firms that solicit EU investors without obtaining MiCA approval.
Trummer's remarks underscore a broader tension in the European crypto market: the regulatory architecture is in place, but the gap between compliance and enforcement remains a live issue for licensed operators competing alongside unregistered rivals.
