The president of Crypto.com will talk to MCA, which will allow exchanges to expand throughout Europe

The implementation of the Markets in Crypto-Assets (MiCA) Act could accelerate the expansion efforts of major cryptocurrency exchanges across Europe, said Eric Anziani, president and chief operating officer of Crypto.com.

Speaking exclusively to Cointelegraph, Anziani highlighted how increased regulatory scrutiny and the nature of European rules for the industry have made it difficult for exchanges to serve users across borders.

“We look forward to MiCA. I think Europe is a very good market but very fragmented. If you want to play by the rules, you have to comply with very different frameworks in each market,” Anziani explained.

Related: FTX collapse, Binance's US settlement presents strong case for MiCA regulations

The company's CEO said Crypto.com has been registered in key markets across the continent, including France, Italy, Spain and the Netherlands. This process provides a measure of perspective considering the obstacles that compliant exchanges face as they expand globally.

“It's too expensive for a business to make the right things that are on the market right now. MCA brings some harmonization and allows us to be more efficient while still setting a high bar on the compliance front.

The collapse of the Sam Bankman-Fried FTX empire played a significant role in testing the industry. As Anziani explained, regulators around the world have made some adjustments to their frameworks for regulating the space, particularly around customer protection and market integrity.

The United Kingdom is another market where Crypto.com has a significant presence. In June 2022, the Financial Conduct Authority (FCA) announced stricter regulations for cryptocurrency-related businesses and services.

Many laws focused on advertising and investor protection require UK-based companies to apply a “cooling-off period” to first-time investors. The FCA also banned companies in the sector from using “refer a friend” bonuses and had clear rules about disclosing the associated risks of investing in cryptocurrencies.

Related: Crypto investor protections won't go into effect in EU until end of 2024

“The UK is one of the markets where the regulator has made some changes, but not the only one. “There were some adjustments to our offerings, but we were on schedule, on time, and able to continue marketing our services,” Anziani said.

Anziani told Cointelegraph that the Crypto.com client is approaching 100 million users. The chief operating officer added that the platform has seen an influx of users since October 2023, which coincided with an increase in the price of Bitcoin (BTC) before the spot bitcoin exchange was allowed in the United States.

According to Anziani, the company has a strong presence in “tier one” jurisdictions, commanding a significant share of the user base in North America, Western Europe, the United Kingdom and Asia.

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