Bybit CEO Highlights Need for Additional Licenses Beyond MiCA in Europe
- Ben Zhou, CEO of Bybit, states that a MiCA license alone is insufficient for profitability in Europe.
- Companies also require a MiFID II license and an Electronic Money Institution (EMI) license to offer profitable products.
- Bybit is currently not profitable under its MiCA license and anticipates breaking even in Europe within two years.
- The MiCA grandfathering period ends on July 1, likely leading to market consolidation among smaller crypto firms.
- Zhou emphasizes that different countries interpret MiCA differently, affecting operational strategies for crypto companies.
The current regulatory landscape requires crypto firms to hold multiple licenses to operate profitably in the European Economic Area (EEA). With the deadline approaching for MiCA authorization, many smaller firms may struggle to comply and survive.
As Bybit navigates these challenges, it remains focused on long-term investment despite current losses under its MiCA license, aiming for profitability within two years. (Source)
