When the EU rolled out MiCA, its first unified crypto rulebook, hopes were high for a clear, level playing field. A year later, the reality feels more like a patchwork. The legislation, drafted for a market that moves at lightning speed, now looks a bit dated, and its complexity has sparked wildly different readings among lawyers, regulators and industry experts.
That split became obvious when some platforms stopped offering Tether’s USDT stablecoin over a year ago, saying it didn’t meet MiCA standards, while others kept it on their books until just this summer. Even the European Central Bank has warned that the lack of consistent guidance is confusing the market and called for sharper rules.