The Markets in Crypto-Assets Regulation (MiCA) is poised to significantly transform the EU crypto industry by harmonizing regulations across all 27 member states, thereby reducing the complexity and cost of navigating diverse national regulatory frameworks. By enabling companies to obtain a single license valid across the EU, MiCA aims to bolster the competitiveness of EU-based crypto businesses and increase institutional participation in the market, potentially leading to a shift in market share from unregulated offshore companies to regulated entities. Although MiCA could drive a technological and economic revival in the EU, its success depends heavily on the practical implementation standards and enforcement practices to be developed by EU authorities. Moreover, MiCA has the potential to influence global crypto regulations, similar to the impact of GDPR on privacy standards, by setting a precedent for other jurisdictions. However, the framework's global influence depends on its practical success, with industry stakeholders encouraged to engage in the consultation process to ensure its effectiveness.