The startup killer: Ledger CTO says the EU's crushing compliance costs are choking Web3 innovation
EU crypto rules under MiCA are raising the cost of doing business so much that they may favor large banks and established firms over Web3 startups. Compliance now requires steep minimum capital, expensive legal/audit work, insurance, and ongoing infrastructure, with white paper costs potentially ranging from thousands to tens of thousands of dollars. Charles Guillemet of Ledger says this creates a moat: companies that can afford the overhead enter the market, while smaller ones are shut out. Regulators argue the framework protects consumers and builds trust. At the same time, traditional finance is moving from blockchain pilots to real adoption, especially after spot crypto ETF launches boosted demand for custody and tokenization. Ledger is expanding into B2B services for banks, but its own heavy security spending and past breaches show how costly and risky blockchain operations remain.
