Small fraction of EU crypto groups hold licence as new rules come into force

The European Union’s Markets in Crypto-Assets regime is now fully in force, closing the transition period that gave crypto companies time to adapt to a single bloc-wide licensing system.

Reporting from the Financial Times said the European Securities and Markets Authority’s provisional list showed 244 crypto firms authorized to keep serving EU customers, while 1,738 others would need to cease operations from July 1 if they do not secure the required permission.

The change marks a major shift for the crypto sector in Europe. MiCA was designed to replace a patchwork of national rules with a common framework for crypto-asset service providers, giving licensed firms the ability to operate across the bloc under the same rulebook.

MiCA takes effect

MiCA was adopted as Regulation (EU) 2023/1114 and published in the EU’s Official Journal in 2023. The regime sets out governance, capital and cybersecurity standards for firms that want to serve customers in the European Union.

The regulation included a transition period of roughly 18 months, allowing firms time to prepare for the new requirements. That grace period ended on July 1, 2026, when full enforcement began.

Le Monde reported on June 30 that the new rules were already forcing unlicensed platforms out of the European market, including Binance. Cinco Días reported on July 1 that MiCA was fully applicable across Europe and that roughly 250 entities had secured authorization, with Germany leading approvals and Binance absent from the licensed list.

The different reports point in the same direction: only a small minority of firms appear to have cleared the new bar in time, even as the deadline has now passed.

Who is affected

The immediate pressure falls on crypto-asset service providers that have not obtained authorization. Under the new regime, they may have to stop serving EU customers, wind down operations, or shift users to regulated platforms.

That raises the stakes for major exchanges and wallet providers that built business across multiple European markets before MiCA. The reporting names Binance, Coinbase, Kraken, OKX and Bitpanda among the key actors in the market now adjusting to the new framework.

For licensed firms, the system creates a passport-style advantage. Once authorized in one member state, they can serve customers across the bloc under harmonized supervision instead of navigating different national regimes.

The policy is also likely to accelerate consolidation. Firms that can meet the new standards gain scale and regulatory certainty, while smaller or less prepared operators face higher compliance costs and a sharper decision about whether to stay in the market.

What happens next

National regulators are still expected to update their records after the deadline, so the number of licensed firms may rise as late approvals are added or as additional authorizations are published.

One open question is how many firms will appear on ESMA’s list in the coming days and weeks, and which member states will account for the largest share of approvals. Another is whether large unlicensed platforms will seek authorizations later in France or elsewhere in the EU.

For now, the central fact is unchanged: MiCA is no longer a future compliance test. It is the operating rule for crypto firms that want access to the European Union market.