Ledger CTO: EU MiCA's high costs hinder the development of small cryptocurrency companies

According to CoinDesk, Ledger CTO Charles Guillemet stated that the minimum capital and legal, audit, and compliance costs set by the EU MiCA are too high for small cryptocurrency startups to afford, and instead provide an advantage for traditional financial institutions with strong capital. MiCA requires a capital contribution of 50000 to 150000 euros from advisory services to trading platform operation, with compliance costs of approximately 4500 to 87000 US dollars per token whitepaper. At the same time, after the launch of spot crypto ETFs, European banks are accelerating their layout of custody and asset tokenization, relying more on cryptocurrency security companies such as Ledger, while small Web3 startups are being squeezed out of the European market.