The EU's Markets in Crypto-Assets (MiCA) framework has been fully operational for a year, marking a significant shift in the regulatory landscape for cryptocurrencies. Since its implementation, 57 Crypto Asset Service Provider (CASP) licenses have been issued, with Germany and the Netherlands leading in approvals. MiCA's comprehensive rules, including a unified licensing system and asset protection requirements, have reduced regulatory fragmentation and compliance costs across the EU's 27 member states. The framework has fostered direct competition between crypto-native institutions and traditional financial entities, ending geographic arbitrage and setting a new global standard for crypto regulation. MiCA's passporting rights allow licensed entities to operate seamlessly across the EU, further integrating the crypto market within the region.