For years, crypto firms argued that regulatory uncertainty was holding back innovation. Europe responded with Markets in Crypto-Assets (MiCA), the world’s first comprehensive framework governing crypto exchanges, stablecoin issuers and digital asset service providers. Now comes the hard part for the wild west of Web3: actually complying with the EU’s licensing requirements.

With the June 30 compliance deadline arriving in just under two weeks, and full implementation beginning at the start of July, MiCA is facing its first real test.

Early signs suggest that regulatory clarity may be easier…