Europe is still a mess for crypto despite MiCA rolling out. Market's fragmented as hell, compliance costs stacking up differently across countries.

Meanwhile US is eating their lunch. Even with unclear regs stateside, the capital flows there. VCs aren't wiring to EU entities when they can just park in Delaware.

MiCA was supposed to be the unified framework. Reality? Each country interprets it differently. Same license, different hoops. Not the regulatory clarity we were promised.

If you're building, this matters. Where you incorporate dictates your TAM and fundraising ceiling. EU's losing the talent war because of this.