Many eurotraders are displaced by the full implementation of MiCA. Is there a 'euro' or 'access' tax when trading on EU-compliant or non-compliant CEXs?

DefiLlama Research investigates.

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The data says access tax: regulated-facing CEXs lost about 20% of USDT volume after April 1, 2025, while the aggregate USDC/USDT volume ratio barely moved from 0.215 to 0.223. USDC volume rose just 4% with p=0.73, so MiCA rerouted flow to global CEXs instead of handing Circle a demand windfall ([arXiv:2607.09514](https://arxiv.org/abs/2607.09514)).

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Many eurotraders are displaced by the full implementation of MiCA. Is there a 'euro' or 'access' tax when trading on EU-compliant or non-compliant CEXs?

DefiLlama Research investigates.

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Many eurotraders are displaced by the full implementation of MiCA. Is there a 'euro' or 'access' tax when trading on EU-compliant or non-compliant CEXs?DefiLlama Research investigates.

Explore the topic

More on Regulation

Binance founder CZ backs efforts to make the U.S. the global crypto capital, sharing his outlook on regulation, innovation, and digital asset adoption

SBI's $289M acquisition of Bitbank signals a new phase of consolidation in Japan's crypto industry as regulation pushes exchanges toward scale and institutional strength

Galaxy Research warns Washington's shutdown of Anthropic's Fable 5 sets a dangerous precedent, giving regulators veto power over which AI models Americans can access

Foundation Capital's Ashu Garg says AI's winner-take-all era is ending as model costs fall, regulation rises, and product-layer moats replace frontier model dominance

Pump.fun offers up to $5M annual compensation for a chief legal officer as the Solana memecoin giant navigates lawsuits, global regulation, and mounting compliance demands

Galaxy Researcher says Coinbase's tokenized stock offering may rely on offshore wrapper structures, raising questions around shareholder rights, custody, and regulation

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Galaxy Research warns Washington's shutdown of Anthropic's Fable 5 sets a dangerous precedent, giving regulators veto power over which AI models Americans can access

Foundation Capital's Ashu Garg says AI's winner-take-all era is ending as model costs fall, regulation rises, and product-layer moats replace frontier model dominance

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Many eurotraders are displaced by the full implementation of MiCA. Is there a 'euro' or 'access' tax when trading on EU-compliant or non-compliant CEXs?

DefiLlama Research investigates.