PANews reported on June 8th that, according to CoinDesk, Ledger CTO Charles Guillemet stated that the high costs of tiered minimum capital requirements and legal, auditing, and compliance under the EU's MiCA (Military Access Control Agreement) are unaffordable for small crypto startups, instead creating a "moat" for well-capitalized traditional financial institutions. MiCA requires €50,000 to €150,000 in capital for everything from advisory services to trading platform operations, with compliance costs for each token white paper ranging from approximately $4,500 to $87,000. Meanwhile, with the listing of spot crypto ETFs, European banks are accelerating their deployments in custody and asset tokenization, shifting their reliance on native crypto security companies like Ledger for enterprise-grade infrastructure, while small Web3 startups are being squeezed out of the European market.