4 experts expect that “Mika will not plunge the competition
The European Union markets in organizing encrypted assets (MICA) transform the scene of the digital assets on the continent, with early effects visible in market attacks and competitive dynamics between the industry.
Are companies ready for new regulations? We have asked industry representatives and compliance experts, and the results are somewhat dark. Although the main players are likely to adapt, most smaller companies are still not ready to work under the new rules.
Mika: “The next stage of adopting the prevailing encryption”
Mika represents the comprehensive European Union’s attempt to bring in organizational clarity to the previously fragmented scene. Framework provides strict requirements for encrypted asset service providers, exporters and exchanges within the mass. While the hours of compliance are deteriorating throughout 2025, the market is already responding to the new reality, as the compatible players put themselves to benefit from organizational certainty.
“This is undoubtedly a major organizational shift, and I fully realize that many feel prepared,” indicated by Verinso Manganilo of the Lian group. “However, the strong framework that encourages institutional investors to put their confidence in these assets is exactly what we need at the present time, and European players will gain rewards in the long run. This is the next stage of the prevailing Crypto-Soon, the market will gain benefits.”
“A tendency to integration and acquisition operations” – looming to unify the market
Industry experts agree on a large scale that compliance requirements for MICA will likely lead to great unification in the market, especially affecting the smaller players in Eastern European countries where preparedness is still low.
Przemysław Kral, CEO of Zondacrypto, provided a blatant evaluation of the situation: “For young players, MICA compliance requirements may mean increasing market unification. We can expect a tendency to integrate and acquisition.
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After years of consultation, hot discussions, bitcoin ban, at the last minute amendments, and countless voices, Mika now applies (in fact since December 30, 2024) officially to the exporters of encrypted assets and service providers in the European Union-even if the last … pic.twitter.com/3zth0kjkic
Karale also noted that some companies may move to more flexible judicial states, and may lead “some companies migrate to the European Union countries with less strict lists or even without regulations.”
Queen Beirut, participating in traction, has highlighted specific regional challenges: “European Union companies that face gaps in their infrastructure with regard to compliance with mica, especially areas such as Poland, Czechia and Baltic countries that are currently working in somewhat comfortable organizational environments, will need to make a great effort towards effort and compliance with Mika.”
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Stablecoin Market Transformations: “Capital Flowing Trend”
The organizational framework, which had a complete impact in January 2025, created a clear gap between compatible and non -compatible entities, especially in the Stablecoin market where Circle gained a bottom where Tether has challenges.
Organizing liquid reserve requirements-30 % of the reference codes of assets (ARTS) and 60 % for important arts-have already caused prominent market movements.
“Tether has lost $ 1.3 billion in the market value that may be a sign of investor flow in the face of new regulations. Circle has gained $ 400 million. It shows the direction of capital flow to more compatible projects with new regulations,” Carral explained.
The exchanges began in the European Union $ Usdt…
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Kaiko Anastasia Melachrinos, chief of research, has provided an additional context on these transformations: “I have seen the successive shares compatible with mica, such as EURC’s Circle and Société Générale’s EURCV, whose share in the market rises above 67 %, due primarily due to unequal illegal shares.”
Beirut pointed out that the compliance of Serkel was a major factor in his growth: “Circle is the first stablecoin that complied with MICA and received the case of an electronic institution for the institution, which means that it is allowed to issue Stablecoins USDC and EURC in the European Union.”
“The MICA regulations already leave their mark on the source of digital assets throughout the European Union, as some of the most successful encryption players get the new handrail.” “Only one example is the turmoil in the Stablecoin market that we see because Circle takes a stab in the market share in Tether.”
“Mika will not plunge the competition – it will increase innovation.”
Despite the short -term turmoil, many industrial leaders are still optimistic about the long -term effect on the European encryption sector.
“Once the exporters and exchanges are accustomed to the new doctor, I would like to claim that the stability and credibility offered by these rules will encourage more players to enter the market. In the long term, Mika will not flood a competition-that will lead to increased innovation,” said Manjanilo.
Kral said this feeling: “MICA aims to create a more stable and secure environment for consumers and companies. In the long run, it will lead to a more sustainable coding market.
However, Melachrinos provided a more compared to the current market dynamics: “Despite these changes, the weekly trading volumes of the euro -backed stability have remained at about $ 30 million since the MICA application, indicating that market share transformations are mainly due to lines that depend on compliance instead of increasing demand.”
As the industry continues to adapt to the new organizational framework, the competitive scene is likely to continue to develop. Players who have good and compatible prices will be placed for a share in the market while smaller entities face difficult options about their future in the European market.
Analysis: rapprochement and divergence
Experts meet the main points: MICA will unify the market, prefer compatible companies and prices well, and eventually enhances stability. However, their tones differ. Manganiello and Kral proactive, where they look at Mika as an incentive for innovation and growth. Perrott is more careful, focusing on logistical obstacles, especially in Eastern Europe. Melachrinos, which is based on data, offers a neutral lens, highlighting the transformations without excessive results.
Stablecoin’s narration embodies this dynamic: all the gains of the Tether’s observation and loss circle, but Manganiello sees it as a health competition, Beirut is a victory for compliance, and Kral as a sign of capital flow, and the elderly as reorganizing the market share. This indicates that the effect of Mika is multi -faceted, and depends on companies’ willingness and resources.
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