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.

𝕏/@defillama_res •

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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

XRP Ledger proposes privacy amendments for $530M in tokenized Wall Street assets, enabling encrypted balances while preserving selective access for regulators and auditors

Australia's eSafety regulator sues Telegram, seeking A$54.6M over alleged failures to remove pro-terror content flagged by users under the Online Safety Act

South Korean lawmakers propose letting regulators request crypto exchange account freezes over illicit transfers

Coinbase aims to become Canada's "everything exchange," pushing into derivatives, tokenized assets, and DeFi while calling for permanent crypto regulations

Industry leaders say DeFi vault regulation should target discretionary curators—not non-custodial infrastructure—as tokenized asset management heads toward institutional adoption

Hyperliquid Policy Center and XYZ brief SEC Crypto Task Force on protocol and crypto regulation

XRP Ledger proposes privacy amendments for $530M in tokenized Wall Street assets, enabling encrypted balances while preserving selective access for regulators and auditors

Australia's eSafety regulator sues Telegram, seeking A$54.6M over alleged failures to remove pro-terror content flagged by users under the Online Safety Act

South Korean lawmakers propose letting regulators request crypto exchange account freezes over illicit transfers

Coinbase aims to become Canada's "everything exchange," pushing into derivatives, tokenized assets, and DeFi while calling for permanent crypto regulations

Industry leaders say DeFi vault regulation should target discretionary curators—not non-custodial infrastructure—as tokenized asset management heads toward institutional adoption

Hyperliquid Policy Center and XYZ brief SEC Crypto Task Force on protocol and crypto regulation

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Total stats

How to Earn

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.