Ledger CTO says EU MiCA compliance costs hinder Web3 innovation

The chief technology officer (CTO) of hardware wallet firm Ledger has argued that the significant costs required to comply with the European Union's Markets in Crypto-Assets (MiCA) regulation are hindering Web3 innovation. In an interview with CoinDesk, he stated that these compliance costs create a high financial barrier, stifling technological progress for early-stage companies. The CTO highlighted that startups struggle to afford expenses such as advisory services, operational overhead, legal and audit fees, insurance, and infrastructure development. He emphasized that this regulatory environment ultimately favors large financial institutions.