A recent survey conducted by Binance found that a majority of Europeans were confident about the future prospects of the cryptocurrency industry.
The survey, published by Binance Square on January 29, polled 10,498 users in France, Italy, Spain, and Sweden between October 14 and November 8, 2023. Approximately 73% of respondents expressed optimism regarding the future of digital assets.
Everyday Crypto Usage on the Rise
While the majority of participants were optimistic about cryptocurrencies, 55% exclusively engaged with digital assets and 24% said over half their trading was in 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 seeks to prevent unfair competition in the EU.
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.
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