EU Crypto Firms Face MiCA Deadline and Licence Shift

The EU’s Markets in Crypto-Assets regulation (MiCA) transition period ends on July 1. From that date, firms offering services to customers in the 27-member bloc must hold a single MiCA licence that passports across all member states. The European Securities and Markets Authority’s public register shows roughly 200 firms have secured full crypto-asset service provider (CASP) authorisation to date.

MiCA sets a common licensing regime for firms that provide wallets, trading, custody and other crypto services. The rules cover governance, anti-money-laundering controls, minimum capital requirements and operational resilience. Firms that do not obtain a MiCA licence must change how they serve EU customers or stop offering certain services in the bloc.

The application process has required significant resources. Licence dossiers often run to hundreds of pages and typically prompt multiple rounds of questions from national supervisors. Some member states had not issued initial licences by mid-2026, delaying access for firms based in or entering those markets.

Regulatory pressure on large platforms has increased. Greece’s markets regulator is expected to reject the licence application of one major exchange, which would end the firm’s ability to operate under MiCA in the EU. The exchange maintains it complies with MiCA and says it is ready to operate under a harmonised regime and that any restriction on its EU access could reduce liquidity and competition in the bloc.

Industry participants and lawyers describe the period as a watershed for firms. Alexis Sirkia, chief executive of trading infrastructure provider Yellow Network, described the end of the transition as “a new phase of growth,” arguing that MiCA’s impact should be measured by whether it supports wider adoption rather than licence totals. Avital Haitovich, partner and head of blockchain at a law firm, noted that the demanding application process and capital rules may encourage smaller operators to exit or be bought by larger firms.

Executives expect more consolidation and deal activity in brokerage and infrastructure. Joe Buttram, chief executive of a digital-asset infrastructure firm, called the moment an “inflection point” for Europe’s brokerage sector and predicted an increase in acquisitions. Venture investors say clearer rules are changing investment criteria, directing capital to founders who build compliance and governance into their business models.

Regulators are also assessing how decentralised finance fits under MiCA. Malta’s financial authority has opened a discussion on treating decentralisation as a spectrum and on when a protocol should fall outside MiCA’s scope, noting many projects still retain administrator keys, governance control or upgrade rights. The consultation is open for feedback until July 10.

On July 1 the unified licence requirement takes effect. National supervisors will apply MiCA’s detailed requirements and firms without full authorisation must alter their operations or licences to continue serving EU customers.