MiCA introduced a unified European crypto market framework with one license valid across 27 countries. Large exchanges like Kraken and Coinbase have successfully obtained MiCA licenses for all 27 EU countries.

For smaller companies, however, MiCA is proving to be a different kind of challenge. The regulation functions as a quality filter, but interpretations differ: some argue it removes bad actors, while others contend it disproportionately affects companies without deep capital reserves.

The cost breakdown reveals significant barriers to entry. Minimum licensing and compliance costs for crypto startups range from €250,000 to €500,000 for licensing alone, with additional expenses including compliance officer salaries…