Jakub Kocikowski’s Post

Today the MiCA transitional window closes. Firms still on old VASP registrations lose their passport to operate across the EU. MiCA does some important things right. It elevates crypto to the status of a proper, regulated asset class - and that opens a real path to adoption for payments companies and institutions across the EU. A stablecoin stops being a token to trade and becomes what it actually is: digital money. Yes, CASP is a tougher license than the old VASP stamp. More capital, real compliance, more policies to follow. Some firms won't clear that bar, and that's fine - a higher bar is part of the point. But that's not the real issue. The real issue is the regulators. They're risk-averse and not set up to process the filings in front of them. Roughly 210 CASPs have cleared against the 1,200-plus VASPs that existed before MiCA. The rules are ready. The people meant to approve against them aren't.