MiCA Lifts Off as Crypto Firms Flock to Europe Europe is securing an unambiguous lead in global crypto, with the Markets in Crypto-Assets (MiCA) rule that brings legal certainty and harmonized approvals. Although President Donald Trump’s administration continues to signal crypto support, the lack of concrete US legislation is pushing firms and traders towards the other side. Paybis Appoints Rizzuto in EU Territory Paybis co-founder Konstantins Vasilenko reported a 70% quarter-on-quarter rise in EU customer trading volumes during Q1 2025, the same quarter when the MiCA framework went live. US retail activity, on the other hand, has slowed down. Vasilenko described how in Europe, the number of trades was pretty stable but the value per trade increased, which shows more aggressive, institutional-style investing. US Retail Shrinks as Regulatory Clarity Lags Market data confirms this shift. Kaiko reports that retail users currently represent only 18% of Coinbase’s spot volume, down from 40% in 2021. Robinhood crypto volume decreased by 35% in Q1 2025, according to Vasilenko. “The timing is difficult to ignore,” Vasilenko concluded. “MiCA’s clarity coincided with a quantifiable change in user behavior and volume.” Major Platforms Align With MiCA Major exchanges OKX, Crypto.com, Bybit, and Coinbase have been issued MiCA licenses, enabling them to serve the entire EU market with a single approval. This “passporting” feature is a cornerstone of the law. MiCA also makes stablecoins and investor protection more strictly regulated and enhances users’ confidence and stability of the market. France and Germany Lead France is seeing a 175% surge in activity as a result of early regulation under the PACTE law and fintech hubs like Station F. Germany, however, is spearheading institutional building, with Deutsche Boerse’s Clearstream developing crypto settlement. “Europe’s becoming decentralized operationally,” Vasilenko said. “Paris for liquidity, Dublin for support, Vilnius for compliance — all under MiCA.” Can the US Regain Momentum? The GENIUS Act, pending in Congress, could do the trick. It would provide a national regime of licensing and clear rules for stablecoins — something Vasilenko says would restore US retail demand if passed by year-end.