In Estonia, they've made every step possible within their powers to clear 99% of market participants. That is the cost of fast-forward will to attract economic growth and innovation to small ex-Soviet Baltic country (e-residency, anyone remembers that stuff?) and general deregulation (operational notices, which︀ used to be (are?) parts of recommendations by World Bank I believe for development.
Unfortunately, that could not have lasted long as Estonia simply couldn't afford to become known yet︁ another capital for explicit money laundering, so they've had to drastically raise the bar.
I don't personally think that MICA would be strictly enforced on its in-force date as there's︂ always a "grace period" for national legislatures to incorporate EU directives in national law. However,︃ there are many other requirements apart from licensing bureaucracy and capital requirements that we shall︄ consider, including crackdown on most used stablecoins.
Unfortunately, that could not have lasted long as Estonia simply couldn't afford to become known yet︁ another capital for explicit money laundering, so they've had to drastically raise the bar.
I don't personally think that MICA would be strictly enforced on its in-force date as there's︂ always a "grace period" for national legislatures to incorporate EU directives in national law. However,︃ there are many other requirements apart from licensing bureaucracy and capital requirements that we shall︄ consider, including crackdown on most used stablecoins.
