MiCA's not enough: Bybit CEO says firms need other licenses to turn a profit in Europe

Bybit CEO Ben Zhou warned that obtaining a MiCA license alone won’t make crypto firms profitable in Europe because it doesn’t cover derivatives and tokenized products. Firms need MiFID II and EMI authorizations to offer the full suite of revenue-generating products, meaning many smaller providers face likely consolidation when the MiCA grandfathering window closes. Zhou said Bybit currently isn’t profitable under MiCA in Europe but expects to be profitable within about two years, calling the current presence there a long-term investment. The comments signal continued regulatory-driven costs and potential market consolidation across EU crypto services, which could tighten competition and limit trading/product availability until firms secure additional licenses.