Ledger CTO says EU MiCA compliance costs are choking Web3 startups

Ledger CTO Charles Guillemet said the EU’s Markets in Crypto-Assets (MiCA) rules are imposing capital, legal and compliance costs that effectively shut out smaller crypto startups while favoring large, well-funded financial institutions. In the second sentence of the body. according to CoinDesk, MiCA includes tiered minimum capital requirements ranging from 50,000 euros for advisory services to 150,000 euros to operate a trading platform, plus millions of euros for auditing, insurance and ongoing compliance; an EU Commission assessment estimated each white paper could cost $4,500 to $87,000.