H1 crypto funding concentrated in licensed firms

Crypto startups raised $11.2 billion in the first half of this year, with 100% of the funding flowing to licensed, regulation-eligible companies, CoinDesk reported, citing an analysis by Dubai-based crypto-focused law firm NeosLegal. NeosLegal founder Irina Heaver said the key competitive edge is no longer being unlicensed but securing licenses in the right jurisdictions, adding that compliance status itself has become a core asset traded by the market. Sigma Capital partner Vineet Budki said code can be copied over a weekend, but a VARA license or MiCA passport requires 18 to 24 months and millions of dollars, meaning investors are paying for barriers to entry in time and asymmetry rather than for the product itself.