57% of firms remain unprepared for MiCA, posing challenges not only for individual companies but also threatening the foundational principles of the blockchain industry.
MiCA aims to create a standardized approach to crypto-related activities in the EU, encompassing asset classification, CASP regulations, consumer protections, and market abuse prevention.
Failure to comply with MiCA regulations could lead to significant penalties, including fines up to €5 million or 3% of a company's annual turnover.
The global nature of Web3 products clashes with the fragmentation of local regulations, posing a significant challenge for crypto companies trying to adapt.
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