Despite Trump’s Backing, Crypto Is Choosing MiCA Over America: Paybis

Europe takes front in the global crypto race as part of its markets within the framework of crypto-sets (Mica), even exceeding America by President Donald Trump.

According to Konstantins Vasilenko, co-founder and director of business development at Paybis, the negotiation volumes of EU clients jumped 70% quarter-first in the first quarter of 2025, just after the entry into force of the mica regulation.

During the same period, Paybis activity in the United States began to tend in the opposite direction. Vasilenko told Cintelelegraph that while the American retail activity has decreased, European users have placed larger and more deliberate trades.

Other platforms have reported similar changes in user behavior. Kaiko estimates that only 18% of the volume of Coinbase Spot Spot now comes from retail customers, down 40% in 2021. On Robinhood, the Crypto trading volume dropped by 35% in the first quarter of 2025.

“Timing is difficult to ignore,” said Vasilenko. “The Mica license window opened its doors on January 1, 2025; During this quarter, our EU volumes jumped 70% while the number of trades barely moved, which tells me that the new money was greater and more deliberate. “

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Cryptographic companies secure licns mica

Several cryptographic companies have already adapted their strategies to align themselves with mica. OKX, Crypto.com and Bybit have obtained licenses in the new framework, Coinbase becoming the last to obtain the license of the Luxembourg Commission for the surveillance of the financial section.

The renewed confidence of investors in Europe is motivated by key characteristics of the mica, according to Vasilenko. On the one hand, the Mica frame has introduced a unique license regime in all EU member states. Once authorized in a country, cryptographic companies can operate throughout the block.

“Once a Crypto-ASET service provider is authorized in any Member State, it can” pass the passport “the same license through the rest of the States, so that retail customers know that their legal protections travel with them,” said Vasilenko.

In addition, mica applies strict rules on stablescoins, requiring complete reserves 1: 1, audits and the segregation of assets. It also introduces Mifid style protections such as clear disclosure, cooling periods and transparent costs, reducing uncertainty for investors.

On the other hand, in the United States, persistent regulatory confusion continues to hold the market. Despite the favorable rhetoric of President Trump and the members of his administration, no federal radical cryptography legislation has materialized.

“State monetary service licenses, unresolved dry prosecution and sudden collisters mean that ordinary users cannot still say what parts, or even what jealous products will be available next month,” said Vasilenko.

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France appears to be out of competition

France, in particular, appeared as a show in Europe. Vasilenko said Paybis had experienced a peak of 175% of cryptographic activity in the country, partly thanks to its lead under the 2019 pact law, which already required a registration of LMA for exchanges.

The presence of High Fintech such as Station F and the proactive regulatory position of the AMF have contributed to making France one of the most committed countries in Europe, with penetration which should reach 24% of the population this year.

Germany leads in institutional infrastructure, with Clearstream de Deutsche Boerse which offered crypto settlement services. The Netherlands, on the other hand, continue to strike over its weight with high payment connectivity.