According to TechFlow, the European Securities and Markets Authority (ESMA) pointed out that although the MiCA regulation will take effect at the end of the year, the volume of cryptocurrency transactions denominated in euros has not increased. After the announcement of the regulation, the euro trading volume stabilized at about 10%. The European Securities and Markets Authority said in a report: The announcement of MiCA regulation did not lead to an increase in euro trading volume, but once it is implemented in 2024, it may become a potential growth driver because it aims to strengthen investor protection.

ESMA's report also showed that global fiat-to-cryptocurrency trading volume has fallen from 30% in 2021 to 20% in 2023. The market has rebounded, but most transactions still involve the US dollar or the Korean won, with the euro accounting for only a small proportion.