MiCA review should protect Europe’s single crypto market

As the European Commission closes its consultation on MiCA’s review, the main question is whether the EU’s crypto rules are protecting the market without making it too expensive to operate in. The article argues that MiCA’s biggest achievement is creating a single rulebook for crypto asset service providers across the European Union and European Economic Area. A firm authorized in one member state can passport services across the bloc, replacing a fragmented system of national regimes. The review, according to the author, should focus on proportionality: keeping rules that reduce real risks while trimming requirements that add cost without clear benefit. The piece says compliance costs have risen, which may be harder on smaller firms and new entrants, and warns that excessive burden could reduce competition and innovation in Europe.