European Commission MiCA Review Consultation Closes

The consultation's closure marks the point where MiCA's first real test shifts from drafting to calibration. The tension the Commission has framed — protection versus the cost of building in Europe — is the one that will shape whether regulated crypto and tokenized-asset activity concentrates in the EU or routes around it. Firms already weighing where to base operations have a concrete signal to watch: whether the review tightens compliance expectations or trims them. How the Commission resolves that trade-off, and how quickly, is the open question.