The Fintech Times put written questions to Edwin Mata, chief executive and co-founder of the tokenisation platform Brickken and a lawyer by background, on where MiCA has left European competitiveness, what execution looks like for a firm over the next 12 months, and whether tokenisation or AI-driven infrastructure has the clearer near-term path.

The cost of entering the European market is now extremely high for any new company offering products or services within MiCA’s scope. Licensing, governance, capital requirements, local substance, compliance personnel, cybersecurity, reporting and ongoing supervision create a fixed cost base that many early-stage firms cannot absorb.

The result is a more compliant market, but also a more concentrated one. Large financial institutions, established crypto firms and legacy service providers are better positioned to meet these requirements, while smaller innovators face a much higher barrier to entry.

The industry’s attention will therefore shift from compliance to competitiveness, but the key question is whether real competition still exists. Europe has created a clear regulatory framework, yet clarity alone does not guarantee innovation. If the cost of participation is too high, regulation can protect the market while simultaneously limiting the number of companies capable of shaping it.

Execution begins with deciding where the business can survive. For smaller firms, the next 12 months may not be spent competing in Europe, but determining whether Europe remains commercially viable. A company must sell products and generate revenue to survive. If it cannot offer regulated services while completing a lengthy and expensive authorisation process, it may exhaust its capital before reaching the market.

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