In October, Barcelona still has the soft light of the Mediterranean.

Two years ago, at the same city and the same conference, regulation was once a call. That was the 2023 European Blockchain Convention (EBC) — a moment filled with unease and self-doubt. The shadow of FTX's bankruptcy had not yet dissipated, the aftermath of the collapses of Luna, Celsius, and others still lingered, and on the stage in Barcelona, bankers and crypto fundamentalists sat together for the first time, cautiously yet reaching a consensus on the same phrase: "We need rules."

That year, regulation was a "topic"; two years later, it became a "prerequisite."

When I walked into the EBC venue again in 2025, the scene was almost unrecognizable. The number of attendees had expanded from 2,500 to 6,000; the crowd had also undergone subtle changes - not just hoodie-wearing entrepreneurs, but more suited asset managers and institutional representatives, with a sense of rationality and professionalism permeating every corner of the venue.

This year's conference feels more like an "institutional revolution."
It is neither the demise of the old order nor the revelry of the new world, but a quiet shift in consensus —
from ideals to governance, from slogans to structure, from passion to rationality.

In the past 48 hours of interviews, I have seen different faces representing the European spirit:

They interpret the same theme in their respective different languages——

In a world that worships speed, Europe has chosen rational development under new regulations.

1. Crypto Lawyer - Fish or Bear Paw?

Description: Nikita Prokopenko photographed at the European Blockchain 2025 conference event site.

At the on-site conversation area of EBC 2025, I met my first interviewee, who had made an appointment in advance: Nikita Prokopenko, a cryptocurrency lawyer from Italy, dressed in a sharp light gray suit, with a gentle tone, just like all the excellent lawyers in Netflix dramas, his words were sharp. His opening statement was concise yet profound:

"Regulation is not handcuffs, but a new map."

In that moment, I knew this conversation would not be boring.

On this map, each jurisdiction has its own cost.
"In the field of cryptocurrency, you face a dilemma."
He raised his hand to gesture, "On one hand, places like Dubai have very low taxes—zero property tax, five percent VAT,
but the licensing application process is hellishly torturous, taking a long time and being costly;
on the other hand, you can choose a jurisdiction with a simpler process, where you can get a license in three months, but the taxes will be higher."

This is a choice between fish and bear's paw.

When I asked about the status of the European license application, he provided the following numbers: "Obtaining a license in Europe typically requires 300 hours of work. Due to the involvement of multiple legal teams and collaboration with different companies, it usually takes 2 to 3 months to complete, and the specific costs depend on the complexity of the project—how many types of business activities do you need? How many countries do you want to cover? What existing customer base do you have?"

When it comes to the differences among European countries, Nikita seems quite experienced: "For example, applying for a permit in the Czech Republic is much more direct than in the Netherlands. The regulatory agencies in the Netherlands are more complex, so the process is also more difficult."

Is Malta still a crypto paradise?

Our conversation turned to Malta—this former "crypto paradise." "Malta has issued five different cryptocurrency licenses, and several well-known institutions have obtained licenses there. The process is indeed simple and straightforward.

But the simple cost is limitation.
"The problem is that hardly any clients are willing to truly move their business there. It's just a small island not far from Italy, and in my view, there isn't much to do, and no one wants to have meetings there."

He paused, as if summarizing:

"The simpler the regulation, the more isolated the ecosystem."

If the crypto world is divided into "policy lowlands" and "business highlands", Malta obviously belongs to the former.

When I asked about the easiest places in the world to obtain a license, his answer was surprising: "To be honest, one of the easiest jurisdictions is Canada. Their MSB (Money Services Business) license gives you the right to work with cryptocurrencies." But he quickly added: "However, the taxes there are not the best."

The realism and true value of Mica

As soon as the European MiCA( regulatory framework for the cryptocurrency market was mentioned, Nikita's tone clearly became serious.
"To be frank, Europe is currently one of the most challenging jurisdictions."

He wrote down several requirements on the interview paper: three directors, one of whom must be a resident of the EU; there must be teams for cybersecurity, operations, marketing, and complaint handling; "These must be real people, and you must have contracts with them - it can be an employment agreement or a B2B agreement, but it can't just be said 'our personnel are not in place yet.'"

It sounds cumbersome, but the clients do not complain.
"Because once you obtain the license in Spain, it is valid across all 27 countries of the EU."
He shrugged, "That's the benefit of the rules - once you're qualified, you don't need to explain again."

Prediction market or gray prediction?

Regarding the currently popular prediction markets, he admitted that this is a gray area: "Prediction markets like Polymarket are not directly regulated in cryptocurrency. It looks like gambling, and it's tricky. MiCA has never directly mentioned it."

His judgment is: "It seems that as long as the platform does not hold assets or exchange cryptocurrencies, it can operate without a license. If it only allows people to bet on a Web3 decentralized platform, no license is required."

At the end of our conversation, Nikita summarized his views on the current regulatory environment: "The situation is very uncertain right now, and we need to wait for further comments from market regulators. But one thing is clear - the rules are becoming clearer, which is a good thing for the entire industry."

2. Exchange Executives - New Crypto Land and Captain

Source: "The Competitive Advantage of MiCA License in Customer Acquisition" Seminar

Description: Erald Ghoos (right) with the author of this article, Carine (left), at the venue.

As noon approaches, the flow of people in the venue clearly increases. The sounds of voices, footsteps, and the low hum of the coffee machine blend together, like the background noise that constitutes the reality of the cryptocurrency industry.

At the round table in the VIP area, I am waiting to interview Erald Ghoos - a special speaker at this conference, a veteran with twenty years of experience in the financial industry, currently the CEO of a leading exchange in Europe.

What he wants to discuss is the localization of the European market and the logic of user trust.

Not far away, in front of a booth of a newly established exchange, several Asian employees are busy distributing gifts to the crowd requesting souvenirs. The oversized yellow shopping bags sway in the crowd, showcasing trading features that are extreme and bold:

"No KYC registration requirements, 400x high leverage, quick entry." Loud and eye-catching, like a visual metaphor for risk.

Why is the European market the maritime era of the new cryptocurrency continent?

"Speed is the super language of Asia, while trust is the underlying logic of the European market."

Erald has a calm demeanor, like an experienced gentleman, unhurried and composed, with a long-term understanding of the market reflected in his words.

"Before MiCA, the European market resembled an uncharted sea—adventurers navigated by instinct, relied on experience to seek wealth, and also bore the risk of sinking," said Erald.

"After the introduction of MiCA, the routes have been drawn on the map. We began to know which waters are safe and which storms can be predicted."

He said that this transformation makes "trust become priceable."

"Regulation makes risks quantifiable and behaviors predictable, allowing institutional funds to truly enter."

"Banks, insurance companies, and asset management firms are concerned about whether the rules are clear and the risks are transparent. After MiCA, uncertainty decreases, and capital naturally flows in."

In his eyes, Europe is no longer a testing ground, but a new crypto continent that is predictable and investable—

Clear routes, trust becomes currency.

On localization in Europe and user mentality: How to build trust?

Erald slides the mobile screen to showcase the multilingual interface of its app and local payment options, including the Netherlands' iDEAL, Belgium's Bancontact, Poland's BLIK, and the SEPA that covers all of Europe.

"We collaborate with these local payment institutions to allow users to complete transactions within a familiar system," he said, his tone steady. "When users can buy Bitcoin in the same way they buy coffee every day, that's when trust is established."

He mentioned that the company has publicly provided Proof of Reserves for several consecutive years and has obtained multiple financial licenses within the EU, planning to expand structured and leveraged products to meet the needs of institutional investors.

Trust, from an abstract concept to concrete actions; in familiar paths, the less friction there is, the more solid the trust.

In his tone, product design and behavioral psychology are distilled into a business maxim:

In the financial sector, the system that people trust the most is the one they truly understand and comprehend.

European Market Summary: Competition of Slow Variables

When talking about the pace of the European market, Erald deliberately slowed down his speech.

"In the cryptocurrency industry, many people think that a moat is traffic or trading volume. But in Europe, a moat is trust," Erald said.

He refers to this structural advantage as "competition of slow variables:"

Clear regulation, compliant habits, and the accumulation of trust - these may seem slow, but they are the hardest to replicate.

"You can launch an exchange in three months, but it takes three years to build brand trust in a country."

MiCA brings not only rules but also a continuous and reusable trust mechanism.

In this framework, what competitors are competing on is no longer speed, but rather robust execution and long-term credit.

I turned to look at the other side of the venue, where a certain yellow bag was still swaying in the air.

The noisy flow and steady construction coexist in the same space —

It seems that between different institutions, beyond scale and positioning, there is a division in strategy and values.

3. Standard Makers - Does innovation have to start from scratch?

Description: Rowan Varrall represents the DTI Foundation at the roundtable forum.

Source: "The Evolution of ISO Standards in the Digital Asset Market" Roundtable Forum

"Success is not about creating new rules, but about enabling everyone to innovate within the same linguistic system."

In the afternoon, in the side hall of the main venue, I met the third interviewee—Rowan Varrall, Head of Regulatory Affairs at the Digital Token Identifier Foundation (DTI Foundation).

He has just come down from a roundtable forum on "Regulation and Standardization of Digital Assets," dressed in a dark gray suit, speaking at a steady pace with clear logic—his tone, filled with institutional confidence, immediately makes it clear that he belongs to that type of person who persuades the world with "logic."

(*DTI Foundation is the registration authority for ISO 24165 "Digital Token Identifier (DTI)" standard, which is currently recognized by the European Securities and Markets Authority (ESMA).)

Suggestions for project parties before entering the market

"The most common mistake is that project teams try to compete in areas where they do not need to compete."

Rowan said, "True success is innovating on a common data standard—only then can products and services flow freely within the ecosystem."

In his narrative, innovation does not mean disruption, but rather compatibility. Those seemingly cold universal data elements and message formats are actually the soil for innovation — a language that allows different systems and markets to communicate.

"If everyone uses the same vocabulary and the same data structures, then transactions, products, and regulatory information can be transmitted seamlessly between different markets."

He paused for a moment and said calmly: "True innovation does not lie in creating new shapes, but in whether you can make that shape communicate with the system."

This sounds like the ultimate expression of European rationality: to build upon consensus rather than starting over.

Will European regulations restrict innovation?

When I asked whether European regulation "restricts innovation," he almost didn't hesitate: "Without regulation, you can't do anything."

He explained it very straightforwardly—

"Any organization will ask itself before making a decision: Is this legal? Can I operate without being knocked on the door by regulators?"

Therefore, the meaning of regulation is no longer constraint, but a form of certainty guarantee.

"If there is a clear framework to eliminate ambiguity, it will instead bring investment."

According to him, the regulatory approach in Europe stands in stark contrast to what we have seen in the United States until recently:

"Europe has set clear boundaries in advance and planned a feasible path for technological development, while the United States often reacts only after someone has crossed the line. However, we are seeing a significant shift in this regard in the United States."

What is the order of the future?

When discussing global projects entering the European market, his advice is very pragmatic:

"No matter which jurisdiction you are in, you can use industry standards to build new products - that is a universally understood language."

In his view, every transaction and every product is actually composed of components. If everyone uses the same terminology to describe these components, they can naturally connect across different regulatory systems and market boundaries.

"When everyone describes transactions, assets, and data using the same standards, the gap between regulation, institutions, and the market will narrow."

He softly added, "At that time, the rules were no longer just European rules, but a global language."

Outside the venue, people are still passionately discussing "RWA", "Tokenization", and "AI Trading";

From Rowan's perspective, the real future may be written in the standard documentation – the calm text that defines field lengths, data types, and validation logic.

4. Investors - The European Rhythm of the Crypto Market

Source: Taken at the European Blockchain 2025 Conference venue

On the last afternoon of the exhibition, the indoor space was still bustling with voices.

I arrived at the Ventures booth of a well-known exchange—there stood a huge blue balloon shaped like a leaping whale, printed with their institutional logo, shining with a metallic luster under the lights, attracting countless gazes.

Several representatives from startup teams were waiting in line for the presentation. At that moment, I encountered Timul, a member of their European team—a passionate young European who was communicating with the project party. He spoke quickly, had a genuine smile, and exuded a unique "crypto vibe" in his conversation.

I asked him, "What do you pay the most attention to when looking at European projects?"

He thought for a moment, did not mention valuation, token structure, or financing amount, but directly answered: "Community."

"Community?"

"Yes," he nodded, "real growth comes from users, not investors. You can have one or two big investors, but that won't lead to true adoption. Community users are the ones who will participate, spread the word, and stay."

I asked him, "So one of the core criteria you use to judge a project is community activity, right?"

He nodded slightly: "Yes, but not just surface numbers. Many people are talking about narrative, but if the narrative doesn't have real users who believe in it and participate, it's just a performance."

As the head of localization operations in Spain, he spoke with a sense of local confidence. "In Europe, KOLs have their own judgments and are less likely to create content just for money; in Asia, cooperation is more efficient and commercialized. Every market has traffic, but trust is the scarce resource."

We talked about market volatility and user education, and he smiled as he said, "The crypto market has its own rhythm." He paused, and his tone became serious: "I hope the project team can also understand that the market won't always be hot, but real users will stay."

Perhaps this is another force in the European market - from robust institutions to idealistic youth, from regulatory certainty to community spontaneity.

"The market here rewards patience, just in a different way," Timul said.

"Not seeking speed, but winning in time."

Conclusion: The route is set, and the wind direction can be measured.

Under the sunset in Barcelona, the crowd of EBC 2025 slowly disperses, the noise of the exhibition hall gradually fades away, but the sense of order in this new land of cryptocurrency continues. Two years ago, rules were merely a voice; two years later, rules have become a passport. The European market tells us a reality — innovation does not have to rebel against order, and order can also foster innovation.

Here, trust is quantifiable, risks are predictable, and innovation grows on consensus and standards. Whether they are lawyers, exchange executives, or standard setters, they all interpret the same concept in different ways: the new continent of the crypto world is not a free port of barbaric growth, but a navigable sea that has been rationally sculpted.

Perhaps, this is the romance of European crypto: not unrestrained, but a dance of reason and order, where ambition freely extends within the rules. The course is set, the wind direction is measurable, and the exploration of the future has just begun.