SwissBorg Says End of MiCA Grace Period Could Push More Than 10 Million EU Users to New Platforms
Summary
- SwissBorg said the end of the EU’s temporary MiCA operating grace period could push more than 10 million users to seek new trading platforms.
- It said Coinbase and OKX are offering deposit and transfer incentives to attract new users.
- Users should choose a platform they can use over the long term by weighing not only price, but also the platform, culture, security, the features they will actually use, and the community.
Forecast Trend Report by Period
More than 10 million users in the European Union may need to find new crypto trading platforms as a temporary operating grace period under the bloc’s Markets in Crypto-Assets regulation, or MiCA, comes to an end.
Alex Fazel, chief partnerships officer at SwissBorg, told CoinDesk on June 29 that users of exchanges halting services will face the most immediate impact.
When a platform cuts back services, users are left to absorb the disruption themselves, he said, likening it to tenants being forced out by a landlord without notice.
Fazel also pointed to recent deposit and transfer incentives from Coinbase and OKX aimed at attracting new users. He said users should choose a platform they can stay with over the long term.
That decision should take into account not only price, but also the platform itself, its culture, security, the features users will actually use, and the community.
Incentives may disappear, he added, but a trustworthy platform does not.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.