The European Union’s digital asset regulation, MiCA, concluded in 2023 but won’t fully take effect until the end of the year. Contrary to expectations, the ESMA report released on Wednesday revealed that MiCA hasn’t led to a significant increase in euro-denominated crypto transactions.
The key insights from this study are that around six in ten cryptocurrency transactions worldwide involve stablecoins. These assets hold significance because they can be pegged to traditional currencies and commodities, enabling investors to adjust their investments without exiting the crypto market.
Despite the European Union’s efforts to regulate the crypto market through new rules, the euro only makes up around 10% of on-ramp and off-ramp transactions. This role of the euro has been described as minimal since the introduction of MiCA, with the US Dollar and South Korean Won being used in over 80% of these transactions.
The analysis reveals that a significant proportion of trades take place on just a few primary exchanges, raising concerns regarding market fragmentation. Specifically, Binance handles nearly half of all trading transactions, while the remaining ten exchanges handle over 90% of the deals.
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2024-04-11 00:52