Pi Network Euro Certification Controversy! Community Claims MiCA Approval but No Official Evidence

The Pi Network community claims that “Pi Euro” has been recognized by 19 EU countries under MiCA, sparking debate over the reality of regulatory approval. Currently, no official EU regulatory authority has granted Pi Euro legal tender status or regulatory recognition. European regulatory commentators urge caution, emphasizing that any cross-border approval claims must come from official EU bodies or national financial regulators.

Pi Network Community’s Claim of Recognition in 19 Countries Sparks Controversy

(Source: X)

Recently, Pi Network community promoters announced that the project has been approved to issue its exclusive currency, Pi Euro, and that this currency has received formal approval and legal recognition in 19 out of 27 EU member states. The statement suggests that Pi Network has taken its first step into a new realm of cross-border utility, and that Pi users can take advantage of this. The news spread quickly within the community, with many Pi enthusiasts seeing it as a milestone attributed to the emergence of digital asset infrastructure.

However, this seemingly significant breakthrough immediately triggered intense debate. Critics point out that, as of now, no official EU regulatory authority has granted Pi Euro legal tender or regulatory status, and the hype surrounding Pi Network’s open mainnet, KYC expansion, and token unlock plans continues to cast a shadow. Community opinion is sharply divided, with some celebrating the historic milestone and others viewing it as exaggerated influencer hype.

European regulatory commentators urge the industry to remain cautious, stressing that any cross-border approval statements must come from official EU organizations or national financial regulatory agencies. They note that the EU’s Markets in Crypto-Assets Regulation (MiCA) provides a structured path for asset registration, consumer protection, and issuer disclosures, but that Pi Network has not appeared in any recognized registration agencies or authorized lists.

Key Points of Controversy

No Official Documentation: To date, no EU member state financial regulator has issued a formal approval document for Pi Euro.

Missing MiCA Registration: Pi Network does not appear on the list of authorized issuers under the MiCA framework.

Community-Led Promotion: All “certification” claims originate from community promoters, not official channels.

Regulators believe that in the absence of formal documentation, circulating claims may mislead users about the legal status of the asset, especially in jurisdictions with strict compliance requirements for public digital asset sales.

Exchange Price Visibility Does Not Equal Regulatory Approval

(Source: CoinGecko)

Screenshots show Pi trading at around €0.19 to €0.21, leading many community members to believe Pi is listed and recognized by the mainstream. However, major platforms are careful to distance themselves from suggestions that Pi Network’s appearance on price aggregators is equivalent to regulatory recognition.

Data aggregators like CoinGecko and market trackers like Binance’s public interface only reflect trading activities on third-party markets and do not represent any form of endorsement or jurisdictional approval. Exchanges repeatedly remind users that displayed prices often represent IOUs, wrapped versions, or unofficial market prices, not officially launched mainnet tokens.

This distinction highlights the gap between community-driven enthusiasm and the current regulatory or technical reality of the Pi Network ecosystem. Many cryptocurrencies are traded OTC or on decentralized exchanges as futures or IOUs before officially launching their mainnet. These transactions reflect speculative expectations for future token value, not actual circulation status.

Importantly, even if a token is listed and traded on an exchange, this does not constitute regulatory approval. Exchange listings are purely commercial decisions, representing the exchange’s view of sufficient trading demand and liquidity for the asset, which is entirely different from regulatory compliance certification. Many tokens have been delisted from exchanges due to regulatory issues, underscoring this distinction.

Pi Network Mainnet Delays and KYC Dilemmas

Pi Network has repeatedly delayed opening its mainnet, expanding KYC, and releasing tokens, which is a major pain point for the community. Since launching in 2019, the project has promised multiple times to open its mainnet but has yet to fully deliver. The slow progress of the KYC (identity verification) process has also frustrated many users, as a large number have mined for years but are still unable to pass verification and withdraw tokens.

The Pi Network core team now faces increased pressure to improve transparency, accelerate KYC processes, and clarify the roadmap for launching the mainnet. As misinformation spreads, many community members are calling for official announcements that directly address regulatory pathways, token issuance requirements, and ecosystem integration status. Developers must manage user expectations, emphasizing that sustainable adoption depends on compliance, security, and technical readiness rather than speculative claims.

This growing demand for transparency highlights the community’s desire to see verifiable progress instead of viral, unsubstantiated announcements. Many long-term participants are beginning to question whether Pi Network truly has the capability and willingness to transition from testnet to mainnet, or if it is merely relying on community enthusiasm to maintain project hype.

Critics point out that legitimate blockchain projects typically release technical roadmaps, codebases, and audit reports early on, whereas Pi Network remains secretive in these areas, contradicting its stated principles of decentralization and transparency. Furthermore, the project’s mobile mining model has also been questioned, as real blockchain mining requires computational resources, while “mining” on mobile devices is more akin to a points accumulation game.

Genuine Compliance Requirements Under the MiCA Framework

The EU’s Markets in Crypto-Assets Regulation (MiCA) is one of the world’s most comprehensive cryptocurrency regulatory frameworks, passed in 2023 and being implemented in phases. MiCA sets strict registration, disclosure, and consumer protection requirements for stablecoins, crypto asset service providers, and other digital assets. Any project claiming approval under the MiCA framework must go through the following steps:

First, issuers must submit a detailed whitepaper and operating plan to the financial regulator of their principal EU member state. This whitepaper must include the project’s technical architecture, tokenomics, risk disclosures, governance structure, and consumer protection measures. Regulators will rigorously review these documents to ensure all MiCA requirements are met.

Second, stablecoins (such as Pi Euro, which claims to be pegged to the euro) must meet higher reserve and transparency requirements. Issuers must prove they have sufficient reserve assets supporting each stablecoin and undergo regular independent audits. In addition, major stablecoin issuers must obtain further approval from the European Banking Authority (EBA).

Third, even approval from one member state does not automatically confer recognition by all 27 member states. While MiCA establishes a “passport” mechanism allowing issuers licensed in one member state to operate in others, this still requires a formal cross-border notification process, and each member state retains additional regulatory powers for specific risks.

Key MiCA Compliance Requirements

Formal Registration: Must appear on the authorized list of the national financial regulator.

Whitepaper Approval: Detailed project documents must be reviewed by regulators.

Reserve Proof: Stablecoins must have sufficient, auditable reserve assets.

Ongoing Supervision: Regular reporting and regulatory inspections are required.

Currently, there is no public evidence that Pi Network meets any of these requirements, making the “19-country recognition” claim lack credibility.

How Should Investors View Pi Network’s Statements

When faced with Pi Network’s various statements, investors and users should remain highly vigilant and independently verify claims. First, any statements about regulatory approval should be confirmed on official regulatory agency websites. Each EU member state’s financial regulator maintains a public registry listing all licensed crypto asset service providers and issuers.

Second, distinguish between official project statements and community promoter hype. Much misleading information comes from overzealous community members or interested promoters who may exaggerate or misrepresent the facts. Genuine major developments should come from the project’s official channels and be accompanied by verifiable evidence.

Third, understand the different development stages of cryptocurrency projects. Testnet, mainnet, exchange listing, and regulatory approval are entirely different milestones and should not be conflated. A project may achieve technical progress while still being in the early stages of regulatory compliance.