EU compliance costs choking Web3 innovation, says Ledger CTO

The Chief Technology Officer of Ledger has stated that the European Union's Markets in Crypto-Assets (MiCA) regulation imposes excessive compliance costs that are stifling innovation within the Web3 sector. Industry insiders are warning that the steep financial barriers created by MiCA are particularly detrimental to early-stage startups. This regulatory environment may hinder the growth and development of new projects and technologies within the decentralized web space, potentially pushing innovation elsewhere.