EU issues about 230 MiCA licences; Spain rejects July 1 extension

The European Union has granted roughly 230 licences under the Markets in Crypto-Assets (MiCA) regime. Germany accounts for 56 approvals, the Netherlands 26 and France 21. Most EU crypto firms still operate without full authorisation.

Many firms obtained a licence in a single member state and used EU passporting rights to offer services across the bloc. Approvals are concentrated in a small number of jurisdictions.

Industry participants and critics attribute exits and mergers by smaller operators to higher compliance costs and extensive documentation requirements, leaving better-resourced platforms with licences.

MiCA’s transitional period ends on July 1, 2026. Under the rules, the right to continue serving European users expires on that date or when an application is granted or refused, whichever comes first.

Spain’s securities regulator, the CNMV, has ruled out any extension to the deadline. The European Securities and Markets Authority has warned that a pending application offers no protection after the cutoff.

Despite recent approvals, more than 80% of crypto firms in the EU remain unlicensed. Only a few hundred of the more than 1,200 virtual asset service providers registered in the bloc have converted to full authorisation.

Major exchanges have adjusted their application plans. One large operator withdrew a MiCA application filed in Greece in late June and is seeking licences in other member states.

After July 1, authorised firms will be able to continue offering services across the EU. Platforms without authorisation must stop serving EU customers until they obtain approval.