Pi Network has formally set foot in the EU. According to reports, the European Securities and Markets Authority (ESMA) has registered the Pi Network white paper under entry number 549, filed by PiBit Ltd.
ESMA is a government agency that keeps an eye on the EU’s financial markets and investment products. By registering the Pi Network white paper, ESMA has given Pi Coin a legal node.
However, for Pi Network to achieve full MiCA authorization, it is dependent on whether Pi Network can meet the full scope of EU regulations. The results of rigorous audits, legal assessments, and approvals from relevant authorities will determine it.
ESMA props up Pi Network for partnerships in the EU and EEA
The registration doesn’t mean that Pi Network is officially a crypto asset right away, but it does mean that it is a legal company that follows EU rules. The asset has to go through other steps, including meeting EU standards on anti-money laundering, data protection, and financial reporting.
The recognition comes at a time when authorities are paying more attention to how tokens are issued, how investors are protected, and how open the market is. Germany’s BaFin stopped Ethena Labs from issuing the sUSDe coin in the EU last year because of problems with the rules. The EU has also started to give licenses to crypto and stablecoin issuers that follow MiCA rules.
Other organizations that have taken root have failed to comply. As reported by Cryptopolitan, a French regulator revealed that 30% of crypto companies operating in France without a MiCA license are unresponsive.
There’s no communication on whether they intend to get the licence required under new EU rules or will cease operating by July. 40% are not seeking the license, with only 30% applying for a license
Pi points bearish as trading volume plummets 33%
Pi Coin price continues to stagnate, even as the broader crypto market shows signs of recovery this January. The Pi Network price has been stagnating at or close to the $0.20 level for several weeks and is unable to go beyond key resistance levels.
Pi Coin currently trades over 90% below its all-time price. Bearish trends dominate the chart, and the momentum seems to be weak. It has been trading at approximately 7 million coins daily, which is a small number for a network of this scale.
Generally, bullish movement is supported by an increase in volume. Its trading volume is down 33% in the last 24 hours.
On a daily basis, approximately $1 million worth of PI enters circulation through mainnet migrations and token unlocks. To date, PI has been locked at more than 4.83 billion, and it is slowly migrating and is influencing the short-term price momentum. Meanwhile, the price of Pi is in a tight range of consolidation.
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Source: https://www.cryptopolitan.com/esma-registers-pi-network-white-paper/
