MiCA’s Rocky Start: Less Than 8% of EU Crypto Firms Licensed
Europe’s Markets in Crypto-Assets (MiCA) law, hailed as the first comprehensive digital asset framework, has encountered severe adoption hurdles, with fewer than 8% of firms securing required licenses by the implementation deadline.
The European Union’s MiCA regulation, designed to create a single rulebook for crypto across 27 member states, has fallen short of its promise in its early days. By the time the law became enforceable, less than 8% of crypto companies previously operating in Europe had obtained the necessary licenses, leaving the vast majority in regulatory limbo.
Instead of providing a clear path, the regime has turned into a bureaucratic labyrinth for market participants, according to a ForkLog analysis. Many firms have struggled to navigate complex licensing procedures, and the process has slowed rather than streamlined market entry.
European authorities are now attempting to address the bottlenecks and improve the rollout, but the initial chaos marks a sobering start for what was once called the “gold standard” of crypto regulation.
Source: ForkLog