According to a CoinDesk report, the MiCA rules, effective from July 1, 2023, may encourage crypto firms to merge with traditional financial institutions, particularly as banks become more receptive to crypto amid enhanced regulatory clarity. In the UK, the Financial Conduct Authority (FCA) is expected to introduce a framework aligning crypto activities with existing financial regulations, potentially facilitating similar consolidation. Industry experts suggest that while this regulatory environment aims to foster competition, it imposes stringent standards, particularly concerning consumer protection.