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Pi Network’s white paper has been officially registered by the European Securities and Markets Authority under the EU’s new crypto regulatory framework, marking the project’s first formal step toward operating in European markets.
According to multiple reports, ESMA registered the Pi network white paper under entry number 549, with the filing submitted by PiBit Ltd. While the move does not grant immediate authorization under the EU’s Markets in Crypto-Assets (MiCA) framework, it marks the first formal acknowledgment of Pi Network within Europe’s regulated financial perimeter.
ESMA serves as the European Union’s top supervisory authority for securities markets, investment products, and financial stability. By registering the Pi network white paper, the watchdog confirms that the documentation has been submitted in line with disclosure rules introduced under MiCA, giving Pi Network a recognized legal footing in the region.
However, regulatory experts stress that registration is only one step in a much longer process.
“White paper registration is not an endorsement of the asset itself,” said a senior EU regulatory analyst familiar with MiCA implementation. “It means the issuer has disclosed required information, but full authorization depends on ongoing compliance, audits, and supervisory approvals.”
The filing of the Pi network white paper positions Pi Network for potential partnerships across the European Union and European Economic Area, particularly with service providers that now require regulatory clarity before onboarding digital assets.
Under MiCA, crypto projects must meet strict requirements around anti-money laundering controls, consumer protection, data handling, and financial transparency. Registration of the Pi network white paper signals that Pi Network is attempting to operate within those boundaries rather than outside them.
Still, ESMA registration does not automatically classify Pi Coin as an approved crypto asset. Further assessments by national regulators, known as National Competent Authorities, will determine whether Pi Network can offer services or listings within individual EU member states.
The heightened regulatory environment has already claimed casualties. Last year, Germany’s BaFin ordered Ethena Labs to halt issuance of its sUSDe stablecoin in the EU due to compliance concerns, underscoring how unforgiving MiCA enforcement can be.
In that context, the Pi network white paper filing offers Pi Network a regulatory advantage over projects that have failed to engage with EU authorities at all.
The registration of the Pi network white paper arrives as European regulators ramp up enforcement against unlicensed crypto operators. A recent disclosure from a French regulator revealed that nearly 30% of crypto companies operating in France without a MiCA license have gone silent, offering no indication whether they plan to comply or shut down by the July deadline.
According to the same report, roughly 40% of non-compliant firms are not seeking authorization, while only 30% have formally applied. Against that backdrop, the Pi network white paper registration stands out as a proactive compliance move.
“The EU is drawing a very clear line,” said one compliance consultant working with crypto firms in Paris. “If you want access to Europe, transparency and regulation are no longer optional.”
Despite the regulatory milestone, Pi Coin’s market performance has remained under pressure. Even as the broader crypto market shows signs of recovery, the asset tied to the Pi network white paper continues to trade sideways.
Pi Coin has hovered around the $0.20 level for weeks and remains more than 90% below its all-time high. Technical indicators suggest weak momentum, with bearish sentiment dominating price charts.
Trading activity has also thinned. Daily volume sits at roughly 7 million tokens, and overall volume has dropped 33% in the last 24 hours, a troubling signal for a network of Pi’s size.
Analysts note that regulatory progress linked to the Pi network white paper has not yet translated into renewed investor confidence.
Adding to the challenge, approximately $1 million worth of PI tokens enter circulation daily through mainnet migrations and scheduled unlocks. While more than 4.83 billion PI tokens remain locked, the gradual release continues to weigh on short-term price action.
“Unlock dynamics are overshadowing positive regulatory headlines,” said a digital asset strategist tracking Pi Network. “Until supply pressure eases, the market may struggle to price in developments tied to the Pi network white paper.”
For now, Pi Coin remains stuck in a tight consolidation range, with traders watching for either a breakout or a deeper retracement.
Ultimately, the registration of the Pi network white paper is a meaningful step, but not a finish line. Full MiCA authorization will depend on whether Pi Network can pass detailed audits, satisfy national regulators, and maintain compliance as EU oversight evolves.
For supporters, the Pi network white paper filing reinforces the project’s long-term ambition to operate within formal financial systems. For skeptics, the lack of immediate price impact highlights how regulatory progress does not always move markets.
As Europe’s crypto rulebook hardens, Pi Network now faces its most important test yet: turning regulatory recognition into sustained adoption, liquidity, and trust—both inside and outside the EU.
