A record number of new crypto firms registered in Europe in 2023, enabled by the crypto policies that the region recently framed.
A recent crypto report has shed light on some encouraging European Union (EU) data. According to the data, a very high number of crypto firms registered in the region in 2023. The EU saw its crypto policies turning into results, as almost 1000 crypto firms set shop. Multiple member countries witnessed their crypto firms rising. As a result, the EU has around 11,597 crypto firms at present.
In 2023, Europe enacted the Markets in Crypto-Assets Act (MiCA), leading the way for other countries around the globe. Its crypto legislation, hailed by the industry, will come into force within 2024. Although the MiCA has increased regulatory transparency for crypto firms, the upcoming year could unveil new revelations in the sector after the law is enforced.
“MiCA is considered the first comprehensive regulation for crypto assets. It is due to set new standards across the bloc for firms offering services to the EU’s population of 450 million. Firms that want to access the EU market will need to choose one member state from which to passport their license,” said the report.
Although the Czech Republic may have the highest crypto firms, the country hasn’t updated their data. Meanwhile, Poland has emerged as a crypto hub with its seamless registration process for crypto entities.
It currently has 1067 crypto asset service providers. Countries like Lithuania, Italy, France, and Spain follow Poland. Further, Estonia, the Netherlands, Bulgaria, and Slovenia are next on the list.
Meanwhile, the European Banking Authority recently published a consultation paper for crypto asset service providers. The firms would likely have to follow new rules to prevent money laundering and terrorism financing.
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