Why Is Everyone Complaining About MiCA?

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

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 stablecoin company incorporated in the British V…