MiCA's second phase is quietly consolidating Europe's exchange map
Capital, custody segregation and reporting costs are pushing mid-sized venues into acquisitions rather than licence applications.
InfoKoin Policy Desk1 min readen
The compliance bill for a mid-sized European venue now runs well beyond the cost of the licence itself. Segregated custody, transaction reporting and governance requirements all scale badly for platforms without institutional volume.
The predictable outcome is consolidation: smaller order books folding into licensed groups instead of funding their own applications.
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