Pi Network officially applies to join the EU MiCA, and Pi coin is expected to be widely adopted in the European market.

According to CoinGape, Pi Network has officially applied to join the EU's regulation on crypto asset markets (MiCA), which could be an important step for Pi coin to enter a broader market.

The project has confirmed that it has submitted an application in accordance with the EU MiCA framework. This gives Pi coin the potential to achieve full legal status in the European market. Previously, due to strict compliance requirements, Pi coin has been difficult to use on the European continent.

Previously, Valour Pi ETP was launched in August on the Swedish Spotlight stock market. This is the region's first regulated investment tool related to Pi coin.

This product provides regulated investment channels for European brokerage clients to invest in Pi coin. The ETP is traded in Swedish Krona and charges a management fee of 1.9%. This also offers investors a way to participate in its future returns without directly holding Pi coin.

Community member Dr. Altcoin expressed excitement about this development. He also highlighted the energy efficiency outlined in the MiCA white paper. The annual energy consumption of Pi is approximately 0.0024 terawatt-hours, while Bitcoin's annual energy consumption is 185 terawatt-hours.

This means that energy consumption has been reduced by 99.9%. This makes Pi Network expected to become one of the most environmentally sustainable blockchains. The network's low resource consumption model is highly aligned with the decarbonization goals proposed by the United Nations.

Before submitting the application to MiCA, the project had collaborated with Maetzler Rechtsanwalts law firm in Austria and Prighter Ltd law firm in the UK. Meanwhile, SocialChain completed the GDPR certification. They ensure that the processing of user data complies with the EU's strict privacy protection requirements.