Currency of Power

Currency of Power

Why Is Everyone Complaining About MiCA?

Europe's regulation problem—and it's not what you think

Nicolas Colin's avatar
Marieke Flament's avatar
Nicolas Colin and Marieke Flament
Jun 10, 2025
∙ Paid
European union flags wave in front of a building.
Credit: Alexander Van Steenberge (Unsplash)

Based on conversations with industry players across the European stablecoin ecosystem, whose insights we gratefully acknowledge.

In December 2024, Europe's Markets in Crypto-Assets Regulation (MiCA) became fully applicable—six years after initial discussions began in 2018. During those six years, Tether, a stabl…

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