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Irina Heaver Reports Crypto Funding Shift Toward Licensed Firms as Compliance Becomes a Core Asset

The crypto industry raised $11.2 billion in the first half of 2026, with nearly all of the capital directed toward businesses requiring regulatory licenses. Irina Heaver, founder of NeosLegal, noted that the industry has moved away from the permissionless era, with investors now prioritizing regulated businesses over ungoverned experiments. The top three sectors by capital raised were payments and stablecoins, prediction markets, and exchanges, all of which require legal operation licenses in major jurisdictions. This shift reflects a maturation of the market where regulatory approval serves as a de-risking mechanism. Vineet Budki of Sigma Capital observed that while code can be replicated quickly, obtaining licenses like the MiCA passport or VARA permit takes months and costs millions of dollars. Consequently, investors are paying for the barriers to entry that licenses provide. While retail users continue to trade on permissionless protocols, institutional capital is increasingly flowing into compliant, centralized entities. For founders, securing a license in the right jurisdiction is now a competitive advantage rather than a mere compliance cost.

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