MiCA enforcement faces fragmentation due to varying national implementation timelines and regulatory interpretations across EU member states. Bitpanda executives note that differences in supervisory approaches, registration requirements, and transitional arrangements create a patchwork regulatory landscape. This undermines the regulation’s goal of creating a unified digital asset market.
National regulators are adopting divergent stances on key aspects like stablecoin issuance and crypto service provider licensing. Some jurisdictions are accelerating implementation while others delay, citing technical complexities or domestic legislative processes. This inconsistency forces crypto businesses to navigate conflicting compliance demands across borders.
The fragmentation particularly impacts cross-border services, as companies must comply with the strictest national interpretations of MiCA. Industry advocates urge greater coordination between the European Securities and Markets Authority (ESMA) and national regulators to harmonize enforcement. Without standardization, MiCA risks becoming another layer of regulatory complexity rather than the intended streamlined framework.
