According to an analysis by NeosLegal, a Dubai-based crypto law firm, cryptocurrency startups attracted $11.2 billion in investment during the first half of this year, with 100% of the investment concentrated in licensed and regulatory-compliant companies, CoinDesk reported. Irina Heaver, founder of NeosLegal, commented, "The core competence is no longer 'permissionless' but obtaining a license in the appropriate jurisdiction. Regulatory compliance itself has become a key asset traded in the market." Vineet Budki, partner at Sigma Capital Partners, said, "Code replication is possible within a weekend, but a VARA license or MiCA passport requires 18-24 months and millions of dollars. Investors are paying not for the product, but for the barriers to entry (time and asymmetry)."
