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The following article is an op-ed by Mike Romanenko, CVO & Co-founder of Kyrrex. The crypto industry in Europe is standing at the threshold of a regulatory transformation. The Markets in Crypto-Assets Regulation – MiCA –, the European Union’s landmark framework for crypto governance, is set to become a legal requirement, shaping the industry’s future. MiCA introduces unified rules for transparency, anti-money laundering (AML), and consumer protection, promising to enhance trust and foster growth. But is the market ready for the seismic changes it demands? Mike Romanenko, CVO & Co-founder of Kyrrex, reflects on the European market status stepping in 2025 and facing MiCA. The truth is, that readiness across the crypto landscape is uneven. According to Kyrrex’s internal analysis of Poland, Czechia and Baltic countries, less than 5% of 3300+ crypto businesses from the region are fully prepared for MiCA compliance. More alarmingly, only 1% of Virtual Asset Service Providers (VASPs) have achieved full MiCA compliance. These figures highlight a critical gap in awareness and preparedness, leaving many companies at risk of non-compliance as the deadline looms. Uneven Preparedness Across Jurisdictions The readiness for MiCA varies significantly across European countries. Malta, France, and Liechtenstein are ahead of the curve, benefiting from existing legislative frameworks closely aligned with MiCA. These jurisdictions provide a smoother pathway for crypto businesses transitioning into the new regulatory environment. In Central and Eastern Europe (CEE), however, the picture is more complex. Estonia, for example, has established itself as a regulatory frontrunner, implementing some of the EU’s strictest crypto regulations in recent years. This proactive approach has positioned Estonia for a relatively seamless transition to MiCA, with only 45 registered VASPs needing to adapt. In contrast, Poland faces a more daunting challenge. Based on the Kyrrex’s research, with over 1,500 registered VASPs and a historically lenient…

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Filed under: News - @ January 20, 2025 2:01 am