Majority of VASPs in EU predicted to struggle with MiCA compliance

According to recent reports, 75% of Virtual Asset Service Providers (VASPs) have been registered in the European Union (EU). This significant statistic highlights the growing trend of VASPs operating within the EU.

The EU has made considerable strides in regulating VASPs to combat money laundering and terrorist financing. The registration of VASPs in the EU demonstrates the region’s commitment to upholding financial regulations and ensuring the transparency of virtual asset transactions.

By registering VASPs, authorities can monitor and oversee their activities more effectively, thus reducing the risk of illicit financial activities taking place within the virtual asset space. This move also promotes trust and credibility within the virtual asset industry, which is essential for its long-term sustainability and growth.

Overall, the high percentage of VASPs registered in the EU is a positive development that signifies the region’s dedication to promoting a safe and secure virtual asset market. It also sets a strong example for other jurisdictions to follow suit in regulating virtual asset services effectively.

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