European crypto firms flock to Dubai ahead of MiCA rollout

A growing number of European crypto companies are relocating to the United Arab Emirates (UAE), particularly Dubai, ahead of the full implementation of the European Union's Markets in Crypto-Assets (MiCA) regulation, CoinDesk reported. Dubai-based lawyer Irina Heaver said inquiries from European crypto firms about the cost, timing, and uncertainty of obtaining local licenses have surged, with her firm receiving 120 consultation requests per week. She explained that these companies prefer the UAE's faster licensing process and clearer regulatory environment over the complex regulations and administrative procedures in Europe.