MiCA deadline: 83% of pre-MiCA crypto firms risk EU access

The EU’s Markets in Crypto-Assets (MiCA) transition period ends on July 1, 2026. After that date, any firm offering exchange, brokerage or wallet services must hold a full crypto-asset service provider (CASP) authorization to serve customers in the European Union. Firms without authorization must stop serving EU residents.

Regulators identify roughly 1,200 entities that held pre-MiCA national registrations. About 210 of those have converted to full CASP authorization, a conversion rate near 17 percent. The remaining firms, about 83 percent, do not yet hold the required authorization.

A CASP license granted by one member state can be passported across all 27 EU member states, but firms must complete national approval to obtain that passport. Adoption of full authorization has varied by country and some national authorities are still implementing the approval processes, creating operational challenges for providers seeking clearance.

European Securities and Markets Authority guidance on April 17 included the line, “Having a MiCA application already in review doesn’t protect you.” The regulator added that pending applications will not prevent suspensions after July 1.

After the deadline, operators without authorization will be legally barred from serving customers in the EU. Firms may withdraw services from the region, move operations to licensed affiliates, relocate, or restructure business lines to comply. Some major platforms already hold authorizations that cover the European Economic Area and can operate across the bloc.

Consumers may experience service interruptions, forced account transfers to licensed platforms, and the removal of certain products from EU markets. The CASP authorization covers activities such as operating exchanges, brokerage services and custody of crypto assets.