🌐 The end of the cryptocurrency industry in Europe?

Patrick Kempinski talks about EU regulations

During the 6th edition of the Krypto Silesia conference, which took place on January 11 at the Silesian Museum in Katowice, we had the opportunity to meet Patryk Kempinski - known for his KryptoRaport YouTube channel. He is also an active entrepreneur in the digital asset industry and runs the WymieńBitcoina.pl network of exchange offices.

Our conversation focused on the new European Union regulations resulting from the Markets in Crypto Assets (MiCA) regulation. Kempinski did not hide his dissatisfaction and told us about the problems arising from the new legislation.

"Union turned out to be an old grandfather" 🤦‍♂️

The main problem highlighted by our interviewee is the lack of proper communication between regulators and cryptocurrency companies.

• "No one can give us an answer as to what we should do and how we should do it. We have a Travel Rule that no one knows how to apply, but everyone knows it should be applied," said the CEO of WymieńBitcoina.pl.

According to him, there will be market consolidation, and many companies will disappear from Europe.

Who will suffer from this?

• 💸 S mall entrepreneurs, such as local cryptocurrency exchange offices.
• 🌐 Europe is no longer a continent for crypto-firms.

🌍 Europe not for big business?

Asked about the situation of cryptocurrencies in Europe, Kempinski replied:

• "Europe is not a continent for doing big business," he said.

He also cited statistics on the number of unicorns (start-ups with a valuation of more than $1 billion):

• 🇺🇸 USA - much more unicorns
• 🇩🇪 Europe - overregulation instead of regulation

"The European Union is showing that it is becoming an old grandfather," he quipped.

💥 Will Tether disappear from Europe?

New MiCA regulations have resulted in the withdrawal of stablecoins from centralized exchanges (CEX) if their issuers have not been properly licensed. One of the entities that has not complied with the regulations is Tether, a USDT issuer.

• "Tether has shown the Union that they don't give a damn. If they lose 15-20% just by not adjusting, nothing will happen."

What does this mean for users?

• USDT will not disappear from Europe 🚀
• It will be unavailable on order books of the exchanges, but you can keep it and use it in wallets 🛠️

🚨 Summary

• New MiCA regulations are creating chaos and uncertainty for cryptocurrency companies.
• Small entrepreneurs will suffer the most.
• Europe is not a friendly place for large companies and innovation.
• Tether is not disappearing, but its use will be more limited.

Is this really the end of the cryptocurrency industry in Europe? 🤔 Time will tell....

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