Bybit CEO Ben Zhou has highlighted that the Markets in Crypto-Assets (MiCA) regulation alone will not ensure profitability for crypto firms operating in Europe. Zhou emphasized the necessity for companies to also secure Markets in Financial Instruments Directive (MiFID) and Electronic Money Institution (EMI) licenses to fully comply with the regulatory landscape. He further warned that the end of the grandfathering period in June could lead to industry consolidation as firms struggle to meet these comprehensive regulatory requirements.