1、MiCAs Aftermath and Europes Innovation CrisisEurope CryptoReport 2025Special EditionCopyright Coincub-March 202510 Key TakeawaysVASPs:Based on the ESMAs grandfathering period,75%of Europes 3,165+VASPs willlose registration by June 2025.1.MiCA Slowdown:Only 12 CASPs and 10 EMTs are currently licensed

2、 under MiCA now2.Compliance Cost:Minimum licensing and compliance costs have soared 6x(from 10Kto 60K),forcing many startups to relocate or shut down.3.Debanking:Only 14%of crypto startups successfully opened bank accounts without laterclosures.4.Jobs:In 2022,Europe boasted over 100,000 jobs mention

3、ing blockchain;today,thatfigure is 90%lower,at around 10,000 jobs.5.Talent:Almost 600 universities offer more blockchain courses,yet graduates must seekfriendlier markets,joining Europes blockchain brain drain.6.Venture Funding:EU venture funding in crypto peaked in 2022 at$5.7b but has sinceplummet

4、ed 70%,as the US and Asia have shown signs of recovery in 2024.7.User Adoption:The U.S.and Asia sustain higher adoption of Bitcoin,stablecoin,andDeFi,alongside more supportive regulations,attracting both investment andentrepreneurs.8.Macro:Europes high energy costs,slow regulation,and reliance on ba

5、nk lending stiflegrowth and discourage emerging tech sectors.9.Outlook:Without swift regulatory reform,bank access solutions,and capital marketintegration,Europe risks permanent irrelevance in the global crypto and Web3 arena.10.This report uses quantitative andqualitative data to analyze Europescry

6、pto landscape from 2022 to 2025.Core metrics,such as the number oflicensed CASPs,venture capital flows,and job postings,come primarily fromCoincub,Chainalysis,Pitchbook,Dealroom,The Block,Linkedin,andWeb3 Career.Coincubs datasetsinclude regulatory and marketinformation(i.e.,VASP registrations,compli