With the MiCA threshold, small teams are directly pushed out, leaving only the giants able to play.

Ledger Chief Technology Officer Guillemet said that the high compliance costs of the EU MiCA are stifling Web3 innovation. While it is intended to unify the market and protect consumers, the tiered minimum capital requirement of 50,000 to 150,000 euros, along with millions of euros in legal, insurance, and ongoing compliance expenses, makes it difficult for small businesses to enter—creating a moat for large enterprises. Regulators argue that the rules are designed to protect consumers and build mainstream trust.