TechFlow news: The European Securities and Markets Authority (ESMA) noted that despite the upcoming enforcement of MiCA regulations by year-end, trading volume in euro-denominated cryptocurrencies has not increased. Since the announcement of MiCA, euro trading volume has remained stable at around 10%. In a report, ESMA stated: "The announcement of MiCA regulation has not led to an increase in euro-denominated trading volume, but its implementation in 2024 could become a potential growth driver, as it aims to strengthen investor protection."
The ESMA report also revealed that global fiat-to-crypto trading volume has declined from 30% in 2021 to 20% in 2023. While market conditions are showing signs of recovery, most transactions still involve U.S. dollars or South Korean won, with euros accounting for only a small share.
