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The impact of markets in crypto-assets fregulation on venture capital funding for cryptocurrency startups in Europe
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This paper examines whether the Markets in Crypto-Assets Regulation increased venture capital funding for European centralised cryptocurrency startups. A difference-in-differences design exploits variation between European startups subject to the regulation and untreated firms in California, Hong Kong, and Singapore over 2021 to mid-2025. The analysis finds that the regulation increased quarterly venture capital funding by seven to nine percent. Effects are concentrated in late-stage investment, where funding increased by fourteen to seventeen percent, while early-stage funding shows no significant change. These findings provide the first causal evidence on investor response to regulatory compliance requirements in a previously unregulated market.
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MiCA Financial regulation Venture capital Fintech Cryptocurrency