Az NKFI Alapból megvalósuló program

Dorsum is proud to benefit from the European Commission's Brexit Adjustment Reserve.
Learn more about our project aimed at aligning our Wealth Management Suite to the UK market.
(Hungarian content)

2024 will bring a breakthrough in the regulation of crypto-assets in Europe  

Certain titles of MiCA, the European Union’s crypto regulation, will come into force from 30 June and on the last day of the year, the entire regulation will come into force. It is a groundbreaking package and will be the most comprehensive regulation of the global crypto-asset market to date. 

The recent focus on this young asset class is not solely due to the incoming regulation but is also driven by the resurgence in crypto prices, which have risen sharply this year. Since 2017, the market capitalization of crypto-assets has risen from $18 billion to over $2 trillion. In the long term, however, it is not charts but regulation that could signal the real breakthrough.   

Today, crypto-assets are attracting more and more investors, especially after the approval of 11 Bitcoin ETFs in the US in January 2024, which have since seen significant capital inflows.   

Traditional Finance may have an advantage this time 

Cryptocurrencies and blockchain technology have once again become major topics in the financial sector. In 2017, blockchain received significant attention, with leading financial institutions announcing a series of promising projects to leverage the technology. 

Their success was not primarily hindered by the bursting of the ICO bubble and falling crypto prices, but by the lack of regulation. Financial institutions are strictly regulated, and the crypto market, which at the time resembled the Wild West, deterred even the most enthusiastic supporters. We expect this to change in the coming years, as MiCA will create favorable conditions for traditional financial institutions. 

The EU is keen on wining this race for innovation  

The US and China are leading the way in harnessing the main breakthrough technologies of the last decade (e.g., artificial intelligence, IoT, electric cars). The EU, which lags on several fronts, is often criticized for its lower competitiveness in new technologies due to bureaucracy and over-regulation.   

MiCA has the potential to reverse this trend, with the EU determined to exploit the potential of blockchain technology and digital assets more effectively than its economic rivals. The new regulation will bring a single European license to the market for crypto-asset service providers, with requirements that can both protect consumers and foster innovation.   

Moreover, the conditions for this endeavor are promising. There are around 31 million digital asset users in the EU, and 63 of the 134 crypto-friendly banks globally are headquartered in the old continent.   

How does MiCA create clearer conditions?  

MiCA, adopted last spring by the EU’s main institutions, divides the regulated actors into two main groups: issuers and service providers. Within the former, it distinguishes three types of actors according to the nature of the tokens issued.  

Every provider looking to offer any of the 10 crypto-asset services defined by MiCA has to comply with certain uniform requirements. Additionally, specific requirements related to each individual service must be met by the providers who wish to offer the respective service to their clients.  

Crypto-asset services include, among others, crypto custody, execution of orders for crypto-assets, operation of crypto trading platforms, or the provision of advisory services on crypto-assets.  

Banks introducing crypto-related services can increase and diversify their revenues and position themselves as innovative players in the market that are seen as agile and responsive to new trends. Among these services, the provision of crypto trading and custody is an ideal entry point, and it is no coincidence that most banks plan to launch these services first. 

The CEE region already has a first mover 

In early 2024, Raiffeisen Bank’s Austrian subsidiary launched crypto trading for its retail customers. The bank integrated the services of a neobroker, Bitpanda, into its retail banking application. At the time of writing, after registering with Bitpanda, customers can trade hundreds of crypto-assets, though currently only via the mobile app. 

Further entrants are expected in Europe. Deutsche Bank, Crédit Agricole, Banco Santander and Societe Generale have already acquired crypto custody licenses, and the latter may soon also offer crypto trading to its customers.  

Moreover, there is considerable interest from asset managers, with 75% in Europe planning to increase their Bitcoin exposure soon, according to a survey.  

The demand from investors continues to increase   

Crypto-assets have been attracting the attention of retail investors for years, and this trend is evident in Europe. A 2022 survey looking at the percentage of the population investing in the asset class for each EU country confirmed that an average of 10,3% in the EU27 countries own or have previously owned crypto assets. Slovenia came first with 18%.  

Figure: The percentage share of EU countries’ population who own or have owned crypto-assets. Data: Flash Eurobarometer, Number 509, 2022. 

The significance of these results is heightened by the fact that prices have risen considerably since and regulation is coming as well. Today, most investors must rely on crypto exchanges or neobanks (e.g., Revolut) offering crypto trading to buy crypto-assets. The expected entry of financial institutions is likely to generate additional interest. 

There are different options for Banks to provide crypto  

In our view, Banks planning to introduce crypto trading can approach the implementation along three main lines:  

  1. Providing Direct Exposure: Offering various crypto derivatives without allowing clients to hold actual crypto-assets 
  2. Partnering with Crypto Specialists: Enabling direct investments in crypto through partnerships with specialized crypto-asset service providers 
  3. Directly Introducing Crypto Trading: Cooperating with partners such as crypto exchanges, custodians to offer direct crypto trading for clients 

Each market participant can therefore choose between different strategies according to their own strategic objectives and the needs of their customer base, thus maximizing the business value realized through the launch.   

At Dorsum, we regularly support our clients in making business decisions around such topics. If you have questions about blockchain technology and digital assets, or are planning to implement such a service, please do not hesitate to contact us. 

Authors: Péter Kanti, Botond Bátorfi 

Share this article

RELEATED ARTICLES

  • All
  • blockchain
  • crypto
  • Egyéb kategória
  • ESG
  • Events
  • Insights
  • News
  • Regulation
  • Switzerland
  • UK
  • White papers

Every good business relationship starts with a single step!

Martina Bagarić Maršić

Head of Business Development CEE Region

Martina doesn’t believe in transactional sales — she builds business ecosystems based on genuine partnership. With over 15 years in the industry, she consciously steps away from aggressive tactics, championing an “ethical sales” approach instead. For her, building transparency and trust is the absolute core of any business relationship. A secret introvert, she relies on a quiet hour of morning routine to recharge her inner peace, ensuring she can give her absolute best to her clients all day.

Her superpower? 
Reading the room. She instantly decodes true needs, so clients feel like partners, not just transactions.

What won’t she do? 
Parachute jump. She will gladly help redesign your business strategy or share practical life advice, but she will never jump out of a perfectly good airplane.

Kadra Aden

Head of UK Product

Kadra started her career writing code, which means she doesn’t just manage products, she understands their DNA. As Head of UK Product, she uses this technical fluency to translate complex business needs into reality. She digs past the initial “wish list” to find the actual root problem, ensuring Dorsum builds solutions that work in the real world, not just on a whiteboard.

Her superpower? 
The Strategic “No.” She isn’t afraid to kill a weak feature to save the product vision.

What won’t she do? 
Sit still or sing. She works from a treadmill desk to keep moving, but hand her a karaoke mic, and she’ll clear the room instantly.

Hannah Buckle

Head of UK Sales

Hannah proves that high-stakes tech sales doesn’t have to be a rigid, jargon-filled grind. She brings a genuinely fun, open, and relaxed energy to the room, believing that the best partnerships start with a simple, honest chat. And while she keeps things light, she is fiercely persistent when it comes to solving business problems. Whether she is untangling a messy digital ecosystem or helping a team scale, her secret weapon is that she simply never gives up. She operates with radical honesty, zero fluff, and a commitment to keeping the process as enjoyable as it is successful.

Her superpower? 
Relentless persistence. She never gives up on a problem, bringing a fun, conversational vibe to even the toughest business challenges.

What won’t she do? 
Use clinical buzzwords. She solves complex tech puzzles daily, but happily leaves words like “diagnostic” to the Apple Store.

Szilvia Kovácsné Szántai

HR director

Szilvia has been the heart of Dorsum’s community since 2006. While her title says HR Director, she acts more like a human bridge between business logic and employee well-being. She always looks past the bullet points on a CV to find genuine curiosity and loyalty, knowing that true team spirit cannot be automated. She is the kind of leader who will boldly trade a flashy corporate party to secure comprehensive health insurance for everyone. After a week of navigating complex group dynamics, she unplugs completely, relying on time with family and friends 
as her ultimate reset button.

Her superpower? 
Reading the room. She instantly tunes into group dynamics, sensing hidden tensions in a meeting long before anyone says a word.

What won’t she do? 
Talk strategy before coffee. She never sacrifices humanity for results and refuses deep discussions before her own system boots up.

Péter Sallai

Chief Technology Officer

Péter is the kind of CTO who doesn’t just set direction—he understands and enjoys technology all the way down to its deepest layers. He believes great architecture isn’t built for fashion, but for endurance: systems should stay strong under real load and evolve as needs change. At Dorsum, he designs and leads teams building long-lasting platforms that can modernize without big-bang rewrites—stable foundations, modular components, and the mindset of being able to “swap the engine mid-flight.”
He makes strategic choices with engineering pragmatism: spotting what will remain useful versus what’s just noise, and translating complex technical topics into clear language for developers and clients alike. And he stays hands-on—when something matters, he dives in and builds.

His superpower? 
Tech Intuition + Deep Dive. He sees the big picture, but can go all the way into the details when the root cause—or the right decision—lives there.

What won’t he do? 
Predict the lottery. He will happily predict future tech trends, but please don’t ask him about the winning numbers.

Miklós Muszkuly

Chief Project Officer

Miklós began his journey at Dorsum as a trainee in 2008. After expanding his expertise at the Big Four and major banks, he returned to lead our most complex projects with the calm focus of a seasoned athlete. He knows that software is just the final output; true delivery is about providing the stability that makes clients feel completely secure. Operating on the strict philosophy that there is a massive difference between a project being “done” and functioning “well,” he never settles for the former. When project chaos hits, his grounded approach, fueled by family time and sports, ensures our partners always know they will “never walk alone.”

His superpower? 
Elite situation awareness. He instantly decodes complex dynamics, pinpointing the hidden risks and success factors of any project.

What won’t he do? 
Settle for “just working.” He strictly separates functioning from functioning well, and flat-out refuses to compromise.

Magdolna Pánczél

Country Manager

Managing two international subsidiaries requires a rare blend of adaptability and order. While Magdi naturally approaches the corporate world with the logical rigor of a Six Sigma expert, she understands that the people behind the projects are beautifully varied. She operates as a dedicated coach for her teams, patiently explaining the “why” and “how” behind a strategy rather than simply delegating tasks. After a week of successfully organizing complex international operations, she unplugs by embracing the organized chaos of family life and spontaneous weekend travels.

Her superpower? 
Contextual empathy. She instantly tunes into the unique mindset of any new client or culture, finding the exact common ground to build trust.

What won’t she do? 
Stay home on a weekend. After a highly disciplined workweek, she absolutely refuses to sit still on a Saturday.

Gábor Jandácsik

CFO & COO

With a three-decade career spanning both risk management and sales, Gábor brings a rare dual perspective to financial leadership. He approaches his role as CFO and COO much like a classic football defender: he knows the backline offers the best strategic view of the field, but he also understands that without scoring goals, the business cannot win. For him, financial modeling isn’t a tool to hold the team back, but a transparent safety net that empowers the organization to confidently chase growth. After a fast-paced day of balancing risk and reward, he relies on quiet “processing time” to mentally organize his thoughts, keeping his mind clear for genuine human connection.

His superpower? 
Stepping into your shoes. He instantly understands the real motivations of clients and colleagues without judgment.

What won’t he do? 
Walk away wearing them. He avoids unsolicited “if I were you” advice, giving you the context but leaving you the freedom to pick your own pa

Bálint Fischer

Chief Business Development Officer 

Bálint blends banking pragmatism with a builder’s curiosity. Having spent long years sitting in the client’s chair at major financial institutions, he intuitively understands the anxieties of digital transformation before they are even spoken. He is a “visionary doer” who combines a mathematician’s logic with a deep passion for connecting people, ensuring that technology serves human goals, not the other way around. Since joining Dorsum, he has been the driving force behind our international expansion and innovation. 

His superpower? 
Finding the courage to challenge “limits” that exist only in our heads. 

What won’t he do? 
Accept “because we’ve always done it this way”
as a valid answer. He is far too curious for that. 

Róbert Kő

Chairman of the Board

Robert brings the “emotional part” to the boardroom, focusing entirely on the people and trusting the experts with the professional execution. He believes that genuine trust is what carries a project to success, not just the contract. He is the one who finds cooperation even in a defeat, always looking for the positive outcome where others might see a loss.

His superpower? 
Creating balance in any conversation. He instinctively helps partners find their place in a meeting, ensuring the discussion is authentic and leads to a real connection.

What won’t he do? 
Ask “is there another way?”. He simply creates one, even if he must build the bridge himself.

Mariann Mészáros

Chief Executive Officer

Mariann brings over 25 years of enterprise discipline to Dorsum, yet she leads with a refreshing reliance on “common sense” over rigid corporate playbooks. She understands that strategy is nothing without the people who execute it, so she focuses on aligning organizational capability with business targets. For her, profitability is key, but she isn’t afraid to override the financial targets if the long-term market position demands it. She views leadership not as a solo performance, but as a shared responsibility. She strictly adheres to the motto that “no one should be a leader without empathy,”.

Her superpower? 
Balancing Strategy, Culture, and Numbers, instinctively knowing which one needs a push.

What won’t she do? 
Play the lonely hero. Lone wolves look cool in movies, but in business, they just get tired.