MiCA Deadline Boosts Hardware Wallet Demand Ahead of European Compliance

The European Union's Markets in Crypto-Assets framework, or MiCA, is driving demand for self-custody ahead of its compliance deadline on July 1. Hardware wallet sales have surged as a result, with NGRAVE reporting a 34% increase during the week from June 24 to June 27.

According to market research firms, the global hardware wallet market is projected to grow from $720 million to between $2.25 billion and $3.44 billion by 2031-2032, with Europe accounting for 28% to 30% of global demand.

MiCA's regulatory-compliant infrastructure is helping establish hardware wallets as a compliance necessity, particularly among institutions. Mordor Intelligence projects institutional hardware wallet purchases will grow at an annual rate of 26.9%, driven by MiCA custody rules and revised guidance from the U.S. OCC and FDIC.