# kaal:claim:5583610-035

**Claim.** MiCA complicates cross-border LER adoption because non-compliance exposes issuers to administrative fines of up to three percent of annual turnover.

**Type.** failure  **Support.** evidenced

**Holds when.**

- EU cross-border deployment

**Source quote.**

> International frameworks like MiCA further complicate cross-border adoption, with non-compliance risking fines up to 3% of annual turnover.

**From.** Wulf A. Kaal, *Liquid Equity Rewards in Corporate America* (2025), 9.1. Costs and Risks, page 32

**Cite as.** Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

**Verify.** sha256 of source PDF `2d73609d95ddb1573acc2a9e7af617fbe6283d6e591deb6317f6d5d804517c62` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards%20in%20Corporate%20America.pdf

**Failure mode.** MiCA non-compliance exposure  (family: compliance-cost-and-barrier-to-entry)

**Topics.** institutional-design

**Keywords.** mica, cross-border, regulatory-fines, adoption-barriers

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