Pi's MiCA filing with ESMA is just a registration — not full approval. Most people will gloss over this detail.

Yes, it *could* eventually open up Europe's 27 markets to $PI. But here's the thing: venues still decide one by one. Don't expect a sudden wave of listings just because of a filing.

This is bureaucratic progress, not a green light for mass adoption. The path from registration to actual market access is longer and messier than the headline suggests.