Woofun AI reports that European cryptocurrency companies are increasingly relocating to the UAE as the July 1 MiCA deadline approaches. Irina Heaver of NeosLegal noted a surge in inquiries, with over 120 weekly requests received, half originating from Europe, driven by dissatisfaction with European bureaucracy.

The UAE offers digital asset-specific regulations with approvals completed in days, contrasting with months-long European processes. UAE licenses also grant access to approximately 4 billion people across Asia and North Africa. Binance recently withdrew its MiCA application in Greece and suspended certain EU services. OKX Europe CEO Erald Ghoos stated that 80% of firms may fail MiCA compliance, while Heaver warned of potential "brain drain, tax loss, and job loss" in Europe.