A single market worth protecting: Getting the MiCA review right
MiCA created a single EU/EEA rulebook for crypto asset service providers, allowing a firm licensed in one member state to passport services across the bloc. That has turned fragmented national markets into one much larger market, benefiting customers through more choice and giving firms a stronger case to build in Europe. The review should keep the core goal of regulating real risks—custody, client money, market integrity, and financial stability—but remove or simplify obligations that add cost without clear risk reduction. Compliance burdens have increased, and that hits smaller firms and new entrants hardest, potentially reducing competition and innovation. The main warning is that if the review adds more burden without proportional benefit, Europe could end up with a smaller, less dynamic market rather than a safer one. The aim should be calibration, not deregulation.
