According to CryptoWorld News, citing a report by Coindesk, Ledger CTO Charles Guillemet said that the minimum capital requirements and the legal, audit, and compliance costs under the EU’s MiCA rules are too high for small crypto startups to bear, giving an advantage instead to well-capitalized traditional financial institutions. MiCA requires paying €50,000 to €150,000 in capital for everything from advisory services to operating trading platforms, and the compliance cost for each token whitepaper is estimated to be about $4,500 to $8.7 million. At the same time, since spot crypto ETFs were launched, European banks have been accelerating their rollout of custody and asset tokenization, relying more on crypto security companies such as Ledger, while small Web3 startups are being pushed out of the European market.