In the past, compliance often meant high licensing costs and operational constraints, while non-compliant platforms could expand recklessly by cashing in on the “gray dividend”—an obviously distorted state of affairs. The ultimate value of MiCA doesn’t lie in restriction, but in “clearing the field.” Only by cracking down on illicit penetration by unauthorized platforms, and ensuring that all players compete on products and services under the same set of rules, can the industry return to healthy competition.