The MiCA regulation went into effect on January 1, 2025, and trading volume from EU users on Paybis increased by 70% quarter-over-quarter, according to Konstantins Vasilenko, co-founder of Paybis.

He stated that this growth happened while the number of trades stayed the same, which meant larger transaction sizes.

During the same period, U.S. user activity declined. Vasilenko said American retail traders slowed down even as Trump crypto policy appeared supportive.

Other data shows similar trends. Kaiko reported that only 18% of Coinbase’s spot trading volume now comes from retail users, compared to 40% in 2021.

On Robinhood, crypto trading volume dropped 35% in Q1 2025.

Crypto Firms Secure Licenses Under MiCA Regulation

Several exchanges have already adjusted to the MiCA regulation. OKX, Crypto.com, and Bybit received MiCA licenses.

Coinbase was the latest firm to get approval from the Commission de Surveillance du Secteur Financier in Luxembourg.

MiCA allows a single crypto license to be valid across all EU countries. Vasilenko explained that once a firm receives a license in one member state, it can offer services in all others. He said this helps retail users understand that their protections apply across borders.

The MiCA regulation also enforces stablecoin regulation. It requires stablecoin issuers to hold full 1:1 reserves, undergo audits, and separate user assets.

The framework also mandates fee transparency, disclosures, and cooling-off periods, which reduce confusion.

France Sees 175% Jump in Crypto Activity

Under the MiCA regulation, France recorded a 175% rise in crypto trading on Paybis. This follows earlier regulation under the 2019 PACTE law, which required AML registration for crypto exchanges.

France has strong crypto infrastructure. The AMF (Autorité des Marchés Financiers) supports regulatory clarity, and fintech hubs like Station F have helped grow the industry. Forecasts show crypto adoption in France could reach 24% of the population in 2025.

Meanwhile, Germany leads in institutional tools. Clearstream, part of Deutsche Boerse, is preparing to launch crypto settlement services. The Netherlands supports crypto transactions with its payment infrastructure.

Vasilenko said that crypto firms can now operate across borders, combining services. He added, “Liquidity pools in Frankfurt or Paris, customer support in Dublin, and compliance ops in Vilnius — all under the single MiCA umbrella.”

US Faces Delays Despite Trump Crypto Policy

Even with Trump crypto policy offering positive statements, U.S. regulation has not kept up. Crypto firms in the U.S. still need state-by-state money-service licenses.

Vasilenko said users face SEC lawsuits, frequent delistings, and regulatory confusion. He said people “can’t tell which coins or even which staking products will be available next month.”

A federal bill called the GENIUS Act is now moving through Congress. If passed, it would create a unified licensing system and clear stablecoin regulation.

Vasilenko said it could have a similar effect on U.S. retail users as MiCA regulation had in Europe.

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