Bybit CEO: MiCA license insufficient for European profit

Bybit CEO Ben Zhou stated that a Markets in Crypto Assets (MiCA) license alone is insufficient for cryptocurrency exchanges to achieve profitability in Europe. He explained that additional licenses, such as MiFID II and Electronic Money Institution (EMI) authorizations, are necessary to offer profitable products like derivatives and tokenized assets. Zhou anticipates significant market consolidation as the MiCA grandfathering period ends in June, potentially leading to the failure of smaller firms unable to secure the required multiple licenses. Bybit itself is investing long-term in Europe, expecting profitability within two years after obtaining the necessary authorizations.