Buy Биткоин BTC
Bitcoin (BTC)
Buy Эфир ETH
Ethereum (ETH)
Buy Ripple XRP
Ripple (XRP)
Buy Tron TRX
Tron (TRX)
Buy Polygon Matik
Polygon (MATIC)
Buy Solana SOL
Solana (SOL)
Buy Dogecoin DOGE
Dogecoin (DOGE)
Buy Avalanche AVAX
Avalanche (AVAX)
Buy Cardano ADA
Cardano (ADA)
Buy Polkadot DOT
Polkadot (DOT)
Buy Syscoin SYS
Syscoin (SYS)

Almost 1,000 crypto companies registered in the EU in 2023

Regulation: Almost 1,000 crypto companies registered in the EU in 2023

In 2023, around a thousand new cryptocurrency businesses were officially registered in the European Union (EU). In the coming months, EU member states are expected to face difficulties in attracting crypto entrepreneurs willing to accept the rules outlined in the MiCA law.

To gain access to the EU market, companies wishing to obtain a licence will have to choose a specific state in which to have their licence application considered. The #Czech Republic is the leader in this regard, with 9,372 registered virtual service providers, mostly consisting of private individuals.

Poland, in second position, also allows individuals to register as virtual asset service providers (VASPs). According to publicly available data, there are currently 1,067 crypto service providers registered in Poland's cryptocurrency registry.

During the last quarter of 2023, approximately twelve new VASPs were registered in #Poland every week.

It is important to note that existing #VASPs will not be eligible for a MiCA licence, which sets out criteria for capital, internal control and governance requirements.

In some countries, such as Poland, some companies use simple registration as a way to gain a foothold in the European market. MiCA requires legal entities to have a registered office in a European country.

Regulators at the European Securities and Markets Authority (#ESMA) have called on national authorities to crack down on the practice of using "mailboxes" to register virtual service providers.

In addition, regulators have issued directives instructing firms to immediately begin preparing for MiCA implementation. MiCA represents the EU's first legislative proposal concerning the cryptocurrency sector. It sets clear guidelines for market participants, ensuring consumer protection, financial stability and encouraging innovation. The EU MiCA bill introduces licensing and regulatory standards for stable coins and strengthens #anti-money laundering measures.

While the #EU remains at the forefront of cryptocurrency regulation compared to other regions, the implementation of #MiCA has a number of potential drawbacks, including increased compliance costs, potential damage of user anonymity, and the risk of over-regulation.

Share this news and win 10 USDT with daily contest on CryptoFingers Telegram.
Press Releases: Happening Right Now - Marginly is Bootstrapping Liquidity
Marginly, the leverage-as-a-service protocol that enables one-click leverage on yield-bearing assets, kicked off its Liquidity Bootstrap Event on May 15. The protocol is rewarding..
Altcoins: The founder of Telegram commented on the launch of the Notcoin token
Pavel Durov, the creator of the Telegram messaging platform, shared his thoughts on the introduction of the Notcoin (NOT) cryptocurrency. He emphasized that the initiative has attracted more..
Mining: During the last three years, El Salvador mined 473.5 BTC using geothermal energy
Since 2021, El Salvador has mined 473.5 BTC (equivalent to $29.3 million) through the use of geothermal energy. Such information was released by Reuters, referring to the state structure..
Altcoins: Trader made $46 million out of $3000 on PEPE memcoin
An unknown trader earned an amount exceeding 46 million dollars by buying the Pepe Coin memcoin (PEPE). This financial triumph was reported by analyst firm Lookonchain.