Navigating MiCA: Jurisdictional Comparison & Strategic Considerations
- Elbruz Yilmaz
- Jun 12
- 2 min read
Bybit secured its MiCA license last week. Austria HQ.
A major step — and yet, déjà vu.
Because here’s the uncomfortable truth:
Most non-European crypto players still get Europe wrong.
Not in licensing — in execution.
Here’s what keeps happening:
- They centralize decisions.
Europe is run from Dubai, San Francisco, or Singapore — far from regulators, partners, and users.
- They launch without distribution.
No local BD. No fiat ramps. No community. And then they expect traction in 3 months.
- They underinvest in compliance.
No travel rule infra. No local KYC nuance. No dialogue with regulators. Compliance isn’t just a box — it’s your operating model.
- They don’t localize for real markets.
Go live missing key payment rails, tax tools, onboarding flows.
No trust. No adoption.
And they miss the core question:
Who actually needs another exchange/brokerage in Europe? Instead, focus on where you win — OTC, liquidity, CaaS.
The market is already crowded:
Exchanges: Binance, Coinbase, Kraken Digital Asset Exchange, Bitpanda
Regional players: Coinhouse, Coinmotion, Swissquote
Emerging wallets: Vivid Money, Lightyear, VALR
Most users want safety, simplicity, and tax-compliant sanity. Not another trading terminal with flashing lights.
Coinbase took too long.
Binance had to pivot.
OKX and KuCoin are still circling.
Bybit is finally here — but late.
Everyone wants a license.
Few build a business.
So where should you apply for MiCA — and why?
We just published:
“Navigating MiCA: A Jurisdictional Comparison & Strategic Considerations”
A practical deck for founders, operators, and global teams entering — and scaling in — the EU.
We’ve compared multiple MiCA licensing jurisdictions, outlining the real-world advantages and trade-offs of each — from speed and cost to credibility and operational fit.
Because licensing isn’t your strategy.
It’s just your starting line.
If your plan is to passport a product without a real go-to-market strategy —
you’re not entering Europe. You’re burning runway.
At Outrun, we help global players turn regulatory approval into real traction —
and build businesses that last.