Business Implications and Theoretical Integration of the Markets in Crypto-Assets (MiCA) Regulation

Gayane Mkrtchyan and Horst Treiblmaier ()
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Gayane Mkrtchyan: School of International Management, Modul University Vienna, 1190 Vienna, Austria
Horst Treiblmaier: School of International Management, Modul University Vienna, 1190 Vienna, Austria

FinTech, 2025, vol. 4, issue 2, 1-19

Abstract: The Markets in Crypto-Assets Regulation (MiCA) is a comprehensive European Union regulatory framework aimed at harmonizing the crypto-asset market. The existing literature has mainly examined MiCA from a legal perspective, while empirical assessments of industry perspectives remain scarce. In this study, we examine MiCA’s impact on the crypto market and its implications for both theory and practice by analyzing and integrating insights from 12 expert interviews. The findings reveal perceived benefits arising from the unified market, enhanced investor protection, and compliance clarity, alongside challenges related to the high regulatory burden, legal ambiguities, and limited innovation support. On this basis, we provide recommendations for improving the regulatory framework and its implementation. Furthermore, we integrate our findings within the technology–organization–environment (TOE) framework to provide a theory-based starting point for rigorous academic research. These findings contribute to regulatory discourse and offer practical guidance for the relevant stakeholders, including businesses, regulators, policymakers, and academics.

Keywords: Markets in Crypto-Assets Regulation (MiCA); Crypto Asset Service Providers (CASPs); regulation; compliance; investor protection; qualitative research; qualitative content analysis; technology–organization–environment framework (search for similar items in EconPapers)
JEL-codes: C6 F3 G O3 (search for similar items in EconPapers)
Date: 2025
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