Summary
Only ~210 of ~3,000 EU crypto firms secured full MiCA authorization. Cregis CEO Shawn Yan observes a fundamental shift from "Should we participate?" to "How should we build this properly?" The interview covers MPC governance, asset segregation, FX broker vs. exchange needs, and the repeatable pattern of institutional adoption across markets.
Key Points
- MiCA impact: ~210 firms authorized out of ~3,000 previously operating in EU
- Spot crypto ETF volume: crossed $2 trillion in early 2026
- Institutional expectations: most expect to double digital asset exposure within 3 years
- Cregis: 4,000+ clients across 50+ countries; 9 years in business
- Key shift: conversations moved from "Should we participate?" to "How should we build this properly?"
- MPC insight: "bigger contribution is governance" — distributes signing authority, removes single point of failure
- Asset segregation: master/sub-account structures; deposit addresses mapped to individual users
- FX brokers vs. exchanges: brokers need infrastructure that wires into existing CRM; exchanges build everything themselves
- Operational pattern:
- Start light: connect to third-party provider, get deposits/withdrawals live
- Volume climbs → fee sensitivity → balance concentration concerns → client expectations
- Shift to owning wallet layer: bring approvals, treasury management, controls in-house
- Europe advantage: disciplined governance; can learn from Asia/Middle East experience
- Yan's philosophy: "follow momentum rather than simply reacting to demand"
- Key insight: products that last are built around structural changes in how the industry operates