A survey conducted by Binance has found that a significant majority of Europeans are confident in the future prospects of the cryptocurrency industry.
According to a survey published by Binance Square, approximately 73% of participants expressed optimism regarding the future of digital assets.
The survey was conducted among 10,498 users in France, Italy, Spain, and Sweden between October 14 and November 8, 2023.
While 73% of participants conveyed optimism about the future of cryptocurrencies, 55% revealed that they exclusively engage with digital assets. Additionally, about 24% of respondents disclosed that over half of their overall trading activities involve cryptocurrencies.
34% of survey respondents indicated they utilize these assets for long-term trading, while 26% use them for saving. Additionally, 13% engage in day trading with digital assets, and 9% use cryptocurrencies for making purchases. Furthermore, 55% of the participants reported using cryptocurrencies for everyday purchases, with 10% making crypto-related purchases on a weekly basis.
According to Binance’s findings, the main catalysts propelling mainstream crypto adoption in Europe are the prospect of substantial returns, the appeal of decentralization and financial independence provided by digital assets, and the recognition of innovation and technology, identified by 20%, 18%, and 17% of respondents, respectively.
“The growing use of crypto in everyday purchases and its diverse applications highlights the integration of digital assets into our lives.” Binance CMO Rachel Conlan said. “With Europe at the forefront of implementing a secure and harmonized regulatory framework for the industry through MiCA, it’s evident that the region is actively paving the way for the mainstream adoption of digital assets.”
ESMA Increases Pressure on Foreign Crypto Companies
Crypto companies based in Europe are also about to receive another piece of good news.
The European Securities and Markets Authority (ESMA) has put forth a proposal stating that crypto companies headquartered outside the EU will only be able to serve customers within the bloc under highly restricted conditions. This measure aims to prevent unfair competition in the EU.
🔴 #ESMA publishes 2⃣ Consultations Papers on guidelines under Markets in Crypto Assets Regulation #MiCA:
📣 on reverse solicitation
📣 on the classification of crypto-assets as financial instruments🗓️ Send your comments by 29 April 2024https://t.co/PEosx4t3UO pic.twitter.com/v31nWMUEcu
— ESMA – EU Securities Markets Regulator 🇪🇺 (@ESMAComms) January 29, 2024
In a statement, the ESMA affirmed that the proposed guidance reiterates its prior stance, emphasizing that the offering of crypto-asset services by a third-country firm is constrained under the Markets in Crypto-Assets Regulation (MiCA). Such provision is permissible only in situations where the client independently initiates the service, a concept known as ‘reverse solicitation.’
The tightening of regulations will likely place increased demands on foreign firms to establish a presence in the EU through a branch or subsidiary.
